SEC · The Block
Solana treasury firm SkyAI sells all SOL holdings, ships $201 million buyback
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SkyAI, formerly Sharps Technology Inc., has gone from being the fifth-largest Solana treasury company to holding no SOL after selling its entire reserve to fund a share and warrant buyback.
Key facts
- SkyAI shares (SKYA) are up 4.5% on the day to $2.77, a 35% gain year to date
- However, its Oct. 11 buyback announcement disclosed sales of roughly 1 million SOL, while a subsequent SEC filing put the remaining balance at around 600,000 SOL
- On Sept. 14, SkyAI reaffirmed its commitment to its Solana treasury strategy while noting it held more than 2 million SOL
- SkyAI is offering $3 per share or warrant to buy back 95% of outstanding shares
Summary
The company said Monday that it now holds approximately $223.8 million in cash as of Oct. 16 and had "completed the sale of all of its SOL." If buybacks are fully subscribed, SkyAI would be left with roughly $22.5 million before costs. On Sept. 14, SkyAI reaffirmed its commitment to its Solana treasury strategy while noting it held more than 2 million SOL. However, its Oct. 11 buyback announcement disclosed sales of roughly 1 million SOL, while a subsequent SEC filing put the remaining balance at around 600,000 SOL.