SkyAI Dumps $223.8M Solana, Pivots to $201.3M Share Buyback

SkyAI Dumps $223.8M SOL Treasury, Pivots to $201.3M Share Buyback

The former medical device maker liquidated its entire Solana position and removed price conditions from its repurchase plan, signaling a retreat from crypto treasury strategy.

The Digital Assets Desk

Gokhshtein Media

October 19, 2026

3 min read

SkyAI, formerly Sharps Technology, liquidated its entire Solana (SOL) treasury, holding approximately $223.8 million in cash as of Oct. 16. The company then launched a tender offer to repurchase up to $201.3 million in its outstanding shares and warrants, according to a Securities and Exchange Commission filing on Monday.

The tender offer covers up to 95 percent of each class of SkyAI's outstanding shares and warrants, funded entirely from cash reserves.

SkyAI initially announced its buyback plan on Oct. 11 with the repurchase tied to SOL's price. The company has since removed this condition, detaching the share repurchase from the token's market movements.

The company originally initiated its Solana treasury strategy in August 2025 after securing more than $400 million through a private placement. It acquired over 2 million SOL in September 2025, establishing a position valued at more than $400 million at that time. By year-end 2025, SkyAI held approximately 2.08 million SOL tokens with a cost basis of $403.1 million, averaging roughly $194 per token.

The company's SOL holdings were valued at $250.1 million by year-end 2025, reflecting approximately $153 million in unrealized losses. Publicly traded companies with Solana treasuries collectively faced more than $1.5 billion in combined unrealized losses by February 2026 as falling token prices directly impacted their holdings and share valuations.

SOL dropped to around $62 in June before recovering. The token traded near $104 as of Monday, according to CoinGecko data.

SkyAI shares closed Monday at $2.79, up 5.3 percent for the day. The stock has gained approximately 65 percent over the past month, though it remains down about 41 percent over the past year.

The tender offer covers up to 95 percent of each class of SkyAI's outstanding shares and warrants, funded entirely from cash reserves.

SOL dropped to around $62 in June before recovering. The token traded near $104 as of Monday, according to CoinGecko data.

SkyAI shares closed Monday at $2.79, up 5.3 percent for the day. The stock has gained approximately 65 percent over the past month, though it remains down about 41 percent over the past year.