SkyAI Exits Entire Solana Position, Announces $201M Share Repurchase Program
The company that transitioned from medical device manufacturing has divested its complete Solana holdings and is now offering to buy back shares and warrants leveraging its $223.8 million in available cash.
SkyAI, which previously operated under the name Sharps Technology, has divested its complete Solana (SOL) treasury position and initiated a tender offer to buy back as much as $201.3 million worth of shares and warrants, effectively abandoning its digital asset accumulation approach.
According to a Monday filing submitted to the US Securities and Exchange Commission, the company reported holding roughly $223.8 million in cash reserves as of Oct. 16 following the complete liquidation of its SOL position.
Through the tender offer, the company is providing shareholders and warrant holders with the opportunity to sell their securities back to SkyAI at a predetermined price. The repurchase program encompasses as much as 95% of every class of the company's shares and warrants currently outstanding, with the entire amount being financed through existing cash reserves.
According to the company's statement, the tender offer no longer maintains any connection to SOL's market price, a stipulation it had originally intended to incorporate when the buyback was first revealed on Oct. 11. The company plans to proceed with the development of a financial platform that merges stablecoin infrastructure built on Solana with artificial intelligence capabilities.
Based on Yahoo Finance data, SkyAI's stock price finished Monday's trading session at $2.79, representing a 5.3% increase for the day. The equity has climbed roughly 65% throughout the past month, though it continues to trade approximately 41% lower compared to one year ago.
SkyAI reverses Solana treasury strategy after one year
The company initiated its Solana treasury approach in August 2025 following the successful completion of a private placement that generated more than $400 million in capital. In the subsequent month, SkyAI purchased over 2 million SOL tokens, building a position that carried a valuation exceeding $400 million during that period.
According to its annual financial disclosures, the company's holdings at the conclusion of 2025 consisted of around 2.08 million SOL with an average acquisition cost of $403.1 million, which translated to approximately $194 per token. The market value of these holdings stood at $250.1 million, indicating roughly $153 million in unrealized losses at that time.
These losses mirrored the wider challenges confronting corporations that had accumulated SOL as a treasury reserve asset. According to reports, publicly listed companies maintaining Solana treasury positions collectively faced over $1.5 billion in unrealized losses by February 2026, as declining token valuations put downward pressure on both their cryptocurrency holdings and stock prices.
The price of SOL declined to approximately $62 in June before experiencing a subsequent recovery, with the token trading around $104 as of Monday, based on data from CoinGecko.
