SkyAI has abandoned its Solana treasury strategy, selling all of its SOL holdings and offering to buy back as much as $201.3 million in shares and warrants. The former medical device company said the repurchase would be funded entirely from cash on hand.
According to Cointelegraph, a filing with the US Securities and Exchange Commission showed that SkyAI held approximately $223.8 million in cash as of Oct. 16, after liquidating its Solana position. The company’s tender offer allows shareholders and warrant holders to sell their securities directly back to SkyAI at a fixed price.
The offer covers up to 95% of each class of the company’s outstanding shares and warrants. SkyAI said the transaction is no longer linked to the price of SOL, removing a condition that had been part of its initial buyback plan announced on Oct. 11.
A sharp change in strategy
SkyAI, previously known as Sharps Technology, began building a Solana treasury in August 2025 after raising more than $400 million through a private placement. The company purchased more than 2 million SOL in September of that year, creating a position worth more than $400 million at the time.
By the end of 2025, its holdings had grown to about 2.08 million SOL. The company reported a cost basis of $403.1 million, equivalent to roughly $194 per token. The position was later valued at $250.1 million, leaving an unrealized loss of approximately $153 million in its annual financial disclosures.
The reversal comes after a difficult period for publicly traded companies that accumulated SOL as a treasury asset. By February 2026, such companies had recorded more than $1.5 billion in combined unrealized losses as the token’s decline affected both their holdings and share valuations.
Despite the sale, SkyAI said it plans to continue developing a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence. A stablecoin is a digital asset designed to maintain a relatively stable value, commonly by tracking a reference currency or other asset.
Shares and SOL move in different directions
SkyAI shares closed Monday at $2.79, gaining 5.3% during the session, based on Yahoo Finance data. The stock had risen approximately 65% over the previous month but remained about 41% lower over the past year.
SOL fell to around $62 in June before recovering to trade near $104 on Monday, according to CoinGecko data. The company’s decision means its buyback will no longer depend directly on further changes in the token’s price.
Moneyiar market picture
Moneyiar data recorded at 22:08 on Oct. 19, 2026, showed Solana at $105.0244077142, up 1.93% over 24 hours but down 2.12% over seven days. The SKY token was priced at $0.0700797798, up 2.58% in 24 hours and down 9.4% over seven days.
The same Moneyiar snapshot put Four at $0.247336712, up 4.28% over 24 hours and down 11.41% over seven days. SKYAI was listed at $0.0352746013, up 3.39% over 24 hours and down 13.78% over seven days; that SKYAI reading was timestamped Oct. 10 at 17:34.
The tender offer represents a major shift in how SkyAI is deploying its balance sheet: instead of continuing to hold SOL as a treasury asset, the company is offering cash to repurchase securities while retaining its planned focus on Solana-linked stablecoin infrastructure and artificial intelligence.
