Nasdaq-listed SkyAI sells all 2 million SOL, spends $200 million buying back its own shares
A filing submitted to the SEC on October 19 by Nasdaq-listed SkyAI (SKYA, formerly Sharps Technology) confirms that it has sold all of its SOL. On October 16, it launched a cash tender offer at $3 per share, seeking to buy back up to 95% of its shares and warrants. Full acceptance would cost approximately $201.3 million. The offer expires on October 29.
The timeline is dramatic: in August 2025, the company raised more than $400 million in a private placement; in September, it scooped up more than 2 million SOL at an average cost of about $194 per token. By year-end, it had an unrealized loss of $153 million on its books. In mid-September, it still held more than 2 million SOL; it sold half on October 11, had only 600,000 left by October 13, and completely exited its position on October 15. It now has $223.8 million in cash on its books, and will have $22.5 million left after the buyback is fully subscribed.
The $3 offer price is a 65% premium over the $1.82 closing price before the offer was announced. Bastion, a shareholder with a 9.99% stake, is pushing back: it wants the offer price raised to $3.50 and has questioned why the company sold 70% of its SOL in a month without disclosing the sale dates, prices, or approval process. SOL briefly fell to $62 this June and has now recovered to around $105, but the numbers still don't add up.
My take: the corporate crypto-treasury playbook has been half-discredited in 2026. When the token price falls 30%, a company's net assets fall with it, and then its stock takes another hit—a double drain. Retail investors shouldn't treat “public companies holding crypto” as a safety net for token prices. They're public companies first, and protecting their share price matters more than any belief.
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