SkyAI sells entire Solana treasury, launches $201M stock buyback

SkyAI, a company formerly known as Sharps Technology, has liquidated its entire Solana (SOL) treasury and launched a tender offer to repurchase up to $201.3 million of its own shares and warrants, reversing its previous crypto accumulation strategy.

The company held approximately $223.8 million in cash as of October 16 after selling its SOL holdings, according to a filing with the U.S. Securities and Exchange Commission. The tender offer, funded entirely from this cash reserve, allows shareholders to sell securities directly back to the company at a fixed price.

SkyAI said the buyback is no longer tied to SOL’s price, a condition it had initially planned. The company intends to continue developing a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence.

The firm launched its Solana treasury strategy in August 2025 after raising over $400 million, acquiring more than 2 million SOL the following month. By the end of 2025, its holdings showed approximately $153 million in unrealized losses as SOL’s price declined. The token has since recovered, trading near $104 at the time of the announcement.