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Former Sharps Technology sold all its SOL by Oct. 16, holding $223.8 million in cash, and launched a tender offer for up to $201.3 million in shares and warrants at a fixed $3 per share.
A 1913 share certificate. Photo: Aktiebolaget Svenska Kullagerfabriken via Wikimedia Commons (public domain). Source
SkyAI is out of the Solana treasury business. The company formerly known as Sharps Technology has liquidated its entire SOL position and is offering to buy back up to $201.3 million of its own shares and warrants, according to a SEC exhibit filed Monday and covered by Cointelegraph and Crypto Briefing.
As of Oct. 16, SkyAI held approximately $223.8 million in cash, the result of selling its SOL holdings. The tender offer lets shareholders and warrant holders sell back their securities at a fixed price, covering up to 95% of each outstanding class and funded entirely from cash on hand. Crypto Briefing reported the per-share price at $3. The offer is no longer tied to SOL's price, a condition the company had attached when it first announced the buyback on Oct. 11.
The stock closed Monday at $2.79, up 5.3% on the day, with a roughly 65% gain over the past month and a roughly 41% decline over the past year, according to Yahoo Finance data cited by Cointelegraph. The buyback price sits above Monday's close, which is the usual structure for a tender meant to give holders an exit rather than a market trade.
SkyAI launched its Solana treasury strategy in August 2025 after raising more than $400 million in a private placement. It acquired more than 2 million SOL the following month, a position worth over $400 million at the time. By the end of 2025 the company held about 2.08 million SOL with a cost basis of $403.1 million, roughly $194 per token, against a market value of $250.1 million. That was an unrealized loss of about $153 million, disclosed in the annual financial statements.
The hole was not unique. By February 2026, publicly traded Solana treasury companies carried more than $1.5 billion in combined unrealized losses as token prices dragged down share valuations. SOL fell to around $62 in June before recovering to near $104 on Monday, CoinGecko data cited by Cointelegraph showed. Crypto Briefing said the position sold out at about 2,077,799 SOL worth roughly $218.5 million.
SkyAI is not folding. The company said it intends to continue developing a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence, keeping the chain as a rails choice while dropping it as a balance-sheet asset. The tender offer, meanwhile, returns cash to holders at a fixed price rather than leaving them exposed to a treasury strategy that had already reversed.
Crypto Briefing also noted the tender retains its $3-per-share price despite unspecified challenges from Bastion, without detailing those challenges. The company had planned to condition the buyback on SOL's price when it announced the program on Oct. 11. Removing that condition after selling the position means the offer now runs on cash alone, with no token market variable attached to whether holders can exit.
The unwind also resets the scoreboard on the original thesis. SkyAI entered the Solana treasury trade when the token was near its prior highs and the market was rewarding companies that swapped equity raises for crypto balance sheets. A year later, the position carried a nine-figure unrealized loss, the wider cohort of SOL treasuries was marked down together, and the company's answer was to sell, hold dollars, and offer holders a way out at a fixed price. That sequence, raise, acquire, mark down, liquidate, tender, is becoming the standard lifecycle for the more aggressive treasury experiments of the last cycle.
Whether the buyback completes at full size, and whether any of the $223.8 million goes back into crypto assets later, are the two questions the filing leaves open. For now, the treasury experiment is over, and the cash is on the balance sheet.