Key Takeaways
- • SkyAI sold its entire Solana (SOL) digital asset treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants, according to a U.S. Securities and Exchange Commission filing.
- • The company held $223.8 million in cash as of October 16, 2026, after liquidating its SOL holdings, per the SEC filing.
- • The tender offer is priced at a fixed $3.00 per share or warrant, covers 95% of each class of outstanding shares and warrants, and expires October 29, 2026.
- • SkyAI's SOL treasury strategy launched in August 2025 after a private placement of over $400 million; it ended with an unrealized loss of roughly $153 million at year-end 2025.
- • Bastion Trading, holding nearly 10% of SkyAI, reportedly called for an independent review and said it will not participate in the buyback, seeking a $3.50 share price.
Summary
Blockchain-native AI infrastructure project SkyAI has sold its entire Solana digital asset treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants, a reversal that caught investor attention given the company was one of the largest publicly traded Solana treasury companies. According to a U.S. Securities and Exchange Commission filing, SkyAI held $223.8 million as of October 16, 2026, following the liquidation of its SOL holdings.
The tender offer expires October 29, 2026, and allows shareholders and warrant holders to sell their securities directly back to SkyAI at a fixed price of $3.00. The offer covers 95% of each class of outstanding shares and warrants and will be paid from the company's existing cash. The purchase price represents an approximately 0.95x multiple of net asset value (mNAV). If fully subscribed, the offer will cost $201.3 million, excluding related fees and expenses.
SkyAI launched its Solana treasury strategy in August 2025 after raising more than $400 million in a private placement, and within a month had bought over 2 million SOL. By the end of 2025, the company held 2.08 million tokens purchased for $403.1 million, a cost basis of roughly $194 per coin. Its annual filing showed the holdings were worth about $250 million, implying approximately $153 million in unrealized losses. By February 2026, publicly traded Solana treasury companies collectively faced $1.5 billion in unrealized losses as SOL prices fell and strained their share valuations.
Bastion Trading, an investment firm that holds nearly 10% of SkyAI, has reportedly called for an independent review. The firm said it will not participate in the buyback, as it is seeking a higher share price of $3.50, and has also called for limits on insider participation and the exclusion of strategic advisor warrants.
The exit underscores the scale of unrealized losses facing SOL digital asset treasury companies. SkyAI has described its business as a financial platform combining stablecoin rails on Solana with artificial intelligence. It has not committed to rebuilding its SOL holdings and plans to remain listed on Nasdaq after the buybacks are completed. Industry observers note this does not necessarily mean other Solana treasury companies will follow suit.
The tender offer expires October 29, 2026, and allows shareholders and warrant holders to sell their securities directly back to SkyAI at a fixed price of $3.00. The offer covers 95% of each class of outstanding shares and warrants and will be paid from the company's existing cash. The purchase price represents an approximately 0.95x multiple of net asset value (mNAV). If fully subscribed, the offer will cost $201.3 million, excluding related fees and expenses.
SkyAI launched its Solana treasury strategy in August 2025 after raising more than $400 million in a private placement, and within a month had bought over 2 million SOL. By the end of 2025, the company held 2.08 million tokens purchased for $403.1 million, a cost basis of roughly $194 per coin. Its annual filing showed the holdings were worth about $250 million, implying approximately $153 million in unrealized losses. By February 2026, publicly traded Solana treasury companies collectively faced $1.5 billion in unrealized losses as SOL prices fell and strained their share valuations.
Bastion Trading, an investment firm that holds nearly 10% of SkyAI, has reportedly called for an independent review. The firm said it will not participate in the buyback, as it is seeking a higher share price of $3.50, and has also called for limits on insider participation and the exclusion of strategic advisor warrants.
The exit underscores the scale of unrealized losses facing SOL digital asset treasury companies. SkyAI has described its business as a financial platform combining stablecoin rails on Solana with artificial intelligence. It has not committed to rebuilding its SOL holdings and plans to remain listed on Nasdaq after the buybacks are completed. Industry observers note this does not necessarily mean other Solana treasury companies will follow suit.
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