SkyAI (formerly Sharps Technology, Nasdaq: SKYA) no longer holds a single
$SOL , despite reporting more than 2 million on 14/09. By 16/10, everything had been sold, according to its 19/10 SEC filing.
The timeline:
14/09: Reaffirmed its SOL treasury strategy.
11/10: Announced a share buyback; around 1 million SOL had already been sold.
13/10: An 8-K showed only about 600,000 SOL remaining. Bastion Trading, which owns nearly 10% of the company, demanded the dates, prices, and volumes of the sales.
16/10: Zero SOL, $223.8 million in cash. Offer of $3 per share or warrant, for up to 95% of each class, or a maximum of $201.3 million. The condition tied to the price of SOL was dropped, since there was no SOL left.
29/10: Offer closes, unless extended.
For context: at the end of 2025, SkyAI held about 2.08 million SOL worth $403.1 million, or about $194 per token (Cointelegraph, annual accounts). This Tuesday at 09:47 UTC,
$SOL is worth $103.7 on Kraken, and there has been no daily close below $100 since 16/09, despite these sales.
My take: this is the mNAV logic in reverse. When a stock is worth less than its assets, buying back shares serves the remaining shareholders better than holding the token. The $3 offer is worth 0.95x net cash, and SKYA closed at $2.79 on Monday (Cointelegraph). The issue goes beyond SkyAI: Forward Industries, the largest holder with 8.5 million SOL as of 30/09, itself reported a diluted mNAV of 0.946x, while Upexi shows 0.6x on its website.
By 29/10, there are two possible interpretations. If the offer is fully subscribed and another SOL treasury trading below 1x announces sales, selling pressure from publicly traded companies becomes a real theme. If others keep accumulating (DeFi Development added 22,070 SOL from 5 to 9/10), SkyAI will remain an isolated case linked to its governance.
Should a crypto treasury trading below the value of its tokens sell to buy back its shares, or hold on at all costs?
#Solana #SkyAI #CryptoTreasury