SkyAI Sells Most SOL and Plans $3 Share Buyback
SkyAI has cut its Solana treasury by nearly 90% as it moves away from its crypto-accumulation strategy. The Nasdaq-listed company reported about 210,000 locked SOL and $204.6 million in cash on October 14, down from more than 2 million SOL in September. It said recent SOL sales were executed through BitGo, Anchorage and Coinbase at an average net price of $107.51 per token.
SkyAI plans a tender offer of $3 per share and warrant for up to 95% of each eligible class. The offer price is 65% above the October 9 closing price, and the company expects to hold no SOL if the offer is completed. The offer is scheduled to expire on October 29, subject to its conditions.
Major shareholder Bastion Trading, which owns about 9.99% of SkyAI’s common stock, challenged the sales and requested details on sale prices, proceeds and board approval. Bastion also called for a tender price of at least $3.50 and changes to the treatment of some advisor warrants. SkyAI’s exit highlights tensions facing crypto treasury companies when investors favor cash returns over continued token accumulation.
Bearish
The news is bearish for sentiment around Solana treasury companies, although its direct effect on SOL may be limited. SkyAI has already sold most of its holdings, reducing the risk of the entire remaining position being sold later, but the scale of its retreat from more than 2 million SOL signals a sharp loss of confidence in this corporate treasury strategy. Its reported average net sale price of $107.51 may also become a reference point for traders assessing selling pressure, though the article does not establish that these sales caused a broader market move.
In the short term, traders may treat the announcement as a negative signal for SOL and other tokens held by public companies, particularly if market liquidity is thin or other treasury firms announce similar sales. The buyback plan and dispute with Bastion could add uncertainty around SkyAI’s valuation and execution. However, the article gives no evidence of broader SOL price or volume data, so it does not support a conclusion that the news alone will materially destabilize the market.
Over the longer term, the episode highlights the risk that a company’s share price can trade below the value investors assign to its crypto holdings, prompting calls to return capital rather than accumulate tokens. Similar treasury-company reversals can weaken confidence in the model, while firms that continue buying may be viewed differently if they demonstrate stronger balance sheets and shareholder support. SOL’s broader direction will still depend on market-wide conditions, token demand and liquidity, not just SkyAI’s decision.