SkyAI, formerly Sharps Technology, liquidated its entire Solana (SOL) reserve and now holds approximately US$ 223.8 million in cash. The transaction was confirmed on Monday (19), in a statement filed with the Securities and Exchange Commission (SEC), and accompanies a buyback offer for shares and warrants that could involve up to US$ 201.3 million.
The company, traded on Nasdaq under the ticker SKYA, launched the offer on October 16, proposing to acquire up to 95% of the eligible securities in each class. The expected payment is US$ 3 per share, with a small adjustment for the warrants due to their exercise price.
The change ends, at least in the current composition of the treasury, direct exposure to the asset that supported the company's previous corporate strategy. The full sale also eliminated a condition originally planned for the buyback, tied to the SOL price.
From 210,000 SOL to a treasury without the token
A comparison of the documents filed with the SEC shows how quickly the change occurred. On October 14, SkyAI still held approximately 210,000 SOL locked and US$ 204.6 million in cash. At the time, it reported that it had been selling tokens at an average price of US$ 107.51, net of fees, through BitGo, Anchorage and Coinbase.
The statement from that day projected the end of exposure to SOL after completion of the offer. However, the update published on October 19 confirmed that the liquidation was already complete on October 16, before the final shareholder participation deadline.
In that interval, reported cash increased by about US$ 19.2 million, from US$ 204.6 million to US$ 223.8 million.
Another important change involves the transaction conditions. In the initial announcement, on October 11, SkyAI planned to require that SOL remain above US$ 100 during the offer period. That requirement was removed, since the company no longer holds the token in its treasury.
The buyback will be financed exclusively with cash on hand, with no need for loans or additional fundraising.
Offer could reach 67.1 million shares and warrants
The proposal covers up to 67.1 million shares and warrants, distributed among common shares, cash pre-funded warrants, cryptocurrency pre-funded warrants and strategic warrants.
The estimated maximum outlay is US$ 201.3 million, if the offer receives sufficient participation to reach all established limits. This amount does not represent a buyback already executed.
The transaction maintains minimum participation requirements of 50%, applied separately to common shares, to the pre-funded warrants considered together and to the strategic warrants. If participation exceeds 95% of any class, purchases will be distributed proportionally among eligible participants.
The participation deadline ends on the evening of October 29, 2026, New York time, unless extended or terminated early. The company intends to keep its shares listed on Nasdaq after the transaction.
Despite having zeroed out its SOL reserve, SkyAI continues to describe its plans to develop a financial platform that combines payment infrastructure with stablecoins on the Solana network and artificial intelligence. Therefore, the treasury liquidation does not, by itself, represent the abandonment of its blockchain-related projects.
