SkyAI Sells All Solana Holdings and Launches $201 Million Share Buyback at $3 Per Share

SkyAI, formerly Sharps Technology Inc. and once the fifth-largest publicly traded Solana treasury company, has sold its entire SOL reserve and now holds approximately $223.8 million in cash as of October 16. The company has launched a $201 million tender offer to repurchase up to 46.37 million common shares and 20.72 million warrants at $3 per share, a price that represents a 65% premium to its October 9 closing price and more than 100% above its 60-day volume-weighted average price. The offer runs through October 29.

The liquidation marks a dramatic reversal: as recently as September 14, SkyAI had reaffirmed its commitment to a Solana treasury strategy while holding more than 2 million SOL. By its October 11 buyback announcement, roughly 1 million SOL had already been sold, and the full exit was completed shortly after. If the buyback is fully subscribed, the company would retain approximately $22.5 million before costs.

SkyAI also dropped a prior condition requiring SOL to remain above $100 throughout the offer period, simplifying the terms. Bastion Trading, a major shareholder that had challenged the $3 share price and demanded an independent review of the SOL sales and insider trading restrictions, had earlier pushed back on the deal structure. SkyAI still says it plans to build a financial platform combining Solana stablecoin payments with AI, but has not detailed its next steps after the buyback.