Solana treasury firm SkyAI sells 1 million SOL, plans $201 million share buyback

What happened

Nasdaq-listed Solana treasury firm SkyAI has sold approximately 1 million SOL, half of its cryptocurrency reserves, to fund a planned $201 million share buyback. The company confirmed the sale in an October 11 announcement, noting it still holds roughly 1 million SOL tokens, is monitoring Solana's market price and could sell more depending on market conditions. The tender offer, expected to launch around October 15, will repurchase up to 95% of its outstanding shares and warrants at $3 per share.

The sale follows a series of large SOL transfers from SkyAI-linked wallets to trading venues in early October, after the company had previously disclosed holdings exceeding 2 million SOL in September. Blockchain analyst Ember estimated that roughly 1.25 million SOL, worth $138 million, had been sold or moved to exchanges over five days as of October 12. Lookonchain separately identified 568,000 SOL worth approximately $63.87 million moving to exchanges over a three-day period, and estimated SkyAI acquired its SOL at an average price of around $194 per token.

Why it matters

SkyAI's plan marks one of the most aggressive capital-return moves to date from a crypto treasury company, as it converts SOL balance sheet assets directly into shareholder liquidity. The $3 per share offer represents a 65% premium to SkyAI's Oct. 9 closing price, and the company states the offer is not subject to financing conditions as its cash and digital assets exceed the maximum purchase amount. The plan is contingent on SOL remaining above $100 throughout the offer period, tying the success of the buyback directly to Solana's market performance. The tender offer comes as SkyAI rejected an unsolicited all-stock acquisition proposal from Forward Industries, with its board concluding the offer undervalued the company and provided insufficient certainty around timing and value. For investors, the move shifts focus from SkyAI's passive SOL treasury strategy to its ability to generate shareholder value without undermining the balance-sheet thesis that made SOL central to the company's original investment premise.

What is still unclear

• It is not confirmed whether all SOL transferred to exchanges by SkyAI have been sold, and the estimated $46 million potential loss calculated by Lookonchain is conditional on full liquidation of the transferred assets, not a company-confirmed realized loss.

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