SkyAI Sold All Its Solana: What a $201 Million Tender Offer Means for SOL Holders and "Treasury" Stocks
The short answer
SkyAI (Nasdaq: SKYA), formerly Sharps Technology, has sold every SOL it held and is spending the cash on a tender offer: according to its October 19, 2026 SEC press release, it holds about $223.8 million in cash as of October 16, and offers $3.00 per share or warrant for up to 95% of each class, about $201.3 million if fully subscribed. The offer closes at one minute after 11:59 p.m. New York time on October 29. For people who hold SOL, the signal is narrower than the headline: Solana's price on Binance stayed between $100.43 and $120.70 across the last two weeks, and the sale was not tied to a visible break in the market. What it does show is that "treasury company" stocks can turn into cash vehicles quickly, which matters if you bought SOL exposure through a stock.
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What SkyAI actually announced
Three documents tell the story, in order.
On October 11, 2026, SkyAI said it intended to buy back up to 95% of its common stock and several kinds of warrants at $3.00 in cash, a 65% premium to its October 9 close and more than 100% above its 60-day volume-weighted average price. That announcement also said the board had rejected an unsolicited proposal from Forward Industries as undervaluing the company, and, at that stage, the offer was conditioned on SOL staying above $100 during the offer period.
On October 16, SkyAI filed the formal tender offer (Schedule TO).
On October 19, the company's press release said it had "completed the sale of all of its SOL." Because it no longer holds any SOL, the offer is no longer conditioned on SOL's price. Cash on hand was approximately $223.8 million at the close of October 16.
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| Item | Figure from SkyAI's October 19 release |
|---|---|
| Offer price | $3.00 cash per share or warrant |
| Maximum purchase | 95% of each class: 48,311,489 shares, 4,880,734 cash pre-funded warrants, 9,939,850 crypto pre-funded warrants, 3,955,293 strategic warrants |
| Maximum total cost | about $201.3 million, paid from cash on hand, no borrowing |
| Cash on October 16 | about $223.8 million |
| Price versus net cash | about 0.95x ("mNAV") |
| Expiry | October 29, 2026, one minute after 11:59 p.m. New York time |
Cointelegraph reported that SkyAI shares closed on Monday, October 19 at $2.79, up 5.3% on the day. Our arithmetic: the $3.00 offer sits about 7.5% above that close.
How big was the SOL position, and did selling hurt SOL?
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Open →SkyAI launched its Solana treasury in August 2025 after a private placement of more than $400 million, and per Cointelegraph's reading of its annual disclosures it held about 2.08 million SOL at the end of 2025 at a cost basis of roughly $194 per token. The company has not said, in the documents we could read, how many SOL it held on the day it sold, at what price, or over how many days.
So any statement about impact has to be framed as arithmetic, not as fact. If the position were still about 2.08 million SOL, the value at Binance's SOL/USDT price of $104.69 on October 20 would be about $218 million. For comparison, SOL/USDT spot volume on Binance alone averaged about $211 million a day from October 7 to October 19. In other words, the whole position was roughly one day of Binance spot volume, and could be sold in pieces, off-exchange, or to a single counterparty without anyone noticing.
The price record supports that reading. Binance daily candles show SOL closing at $116.30 on October 7 and $105.08 on October 19, a drop of about 9.6% over twelve days, but the lowest print in the window was $100.43 on October 18 and the daily range stayed inside $100–$121. Bitcoin moved less in the same period: from $83,322 to $81,938 at the daily closes. The market did not break because of this sale, and we cannot tell you it did not contribute to SOL's slide either.
Why a "treasury" stock reversing course matters
Solana treasury companies were sold to investors as a way to hold SOL through a stock. Cointelegraph noted that, by February 2026, listed Solana treasury companies carried more than $1.5 billion in combined unrealized losses, and SkyAI itself showed about $153 million of unrealized losses at end of 2025 on its position. SOL fell to about $62 in June before recovering to around $105 now.
SkyAI's choice, to sell everything and return cash to shareholders at roughly 0.95x net cash, tells you the market was valuing the company below the cash it could raise. That is a classic "discount to net asset value" story. For a holder it creates a choice that did not exist a month ago: tender at $3.00 or keep a stock that now holds cash and a stated plan to keep building a platform that mixes stablecoin infrastructure on Solana with artificial intelligence.
For a SOL buyer, there are three useful questions:
- Who else holds SOL through a stock? If a treasury company trades below the value of its coins, the gap is pressure for buybacks or sales. Check the company's own filings, not a tweet.
- Is the selling visible on-chain? A sale that is done over the counter does not appear on an order book. If you see SOL falling on a day with no news, it does not prove anyone sold.
- What is your exposure? If you own SOL directly, a stock's decision to sell does not change your coins. If you own the stock to get SOL exposure, it changes what you own.
What to do with this information
This is a story about reading disclosures, not about a trade. The sensible actions are small. Look at SOL's daily range on a chart you trust, keep your position size to what you can hold through a 10% swing (SOL just did it in under two weeks), and compare trading costs before you move. If you want to trade SOL spot, Bitget with code nexu888 gives you an automatic fee rebate through NexuAlpha; the Bitget profile shows fees and how the rebate settles, and our fee comparison puts it next to the other venues. For leverage you should check the funding rates first, since perpetual funding on SOL can eat a position you hold for days.
If you follow the trend of companies holding crypto on their balance sheet and then reversing, the news archive tracks each new case as it appears.
What we could not verify
We could not read The Block's report, and SkyAI's Schedule TO (the full Offer to Purchase) is long; the figures here come from the October 19 press release, the October 11 announcement, and Cointelegraph. We could not confirm how many SOL were sold, at what average price, or to whom, and we could not verify how many holders will tender. Forward Industries' proposal is mentioned only as SkyAI describes it.
Quick answers
Did SkyAI sell all its SOL? Yes. In its October 19, 2026 release SkyAI said it had completed the sale of all its SOL and held about $223.8 million in cash as of October 16.
What is the SkyAI tender offer? An offer to buy up to 95% of its shares and several warrants at $3.00 cash, up to about $201.3 million, open until October 29, 2026.
Will it crash Solana? The sale did not coincide with a break in the market: SOL stayed between $100.43 and $120.70 from October 7 to 20. The size, price and timing of the sale are not disclosed, so we cannot rule out some effect.
Why $3.00? SkyAI's October 11 announcement describes it as a 65% premium to the October 9 close; the October 19 release puts it at about 0.95x net cash.
Does this change the SOL I hold myself? No. Your coins are unaffected. It matters if you own a stock as a stand-in for SOL.
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