SkyAI has sold every last Solana coin it owned — more than 2 million SOL are gone — and the company now sits on about $224 million in cash to fund a huge buyback of its own shares. Traders are watching closely, because one of the biggest corporate Solana holders has just quit the treasury game completely.
Key points:
• SkyAI confirmed it has completed the sale of all of its SOL and held about $223.8 million in cash as of Oct. 16.
• The cash funds a tender offer of about $201 million to buy back up to 95% of its shares and warrants at $3 each.
• Major shareholder Bastion Trading, with nearly 10% of the company, wants an independent review and a higher $3.50 buyback price.
The U-turn was fast. On Sept. 14, SkyAI — formerly Sharps Technology — said it held more than 2 million SOL, then the fifth-largest Solana treasury of any public company, and it reaffirmed its commitment to the strategy. Its Oct. 11 buyback announcement disclosed sales of roughly 1 million SOL, a later SEC filing put the balance near 600,000 SOL, and now the company says the sale of all of its SOL is complete.
Why it matters for Solana traders
Corporate treasuries have been a steady source of demand for SOL, so a top-five holder selling everything removes a big buyer from the market. Solana's price was still hovering near $105 after the news, but traders will watch whether other treasury companies follow SkyAI's exit or keep holding through the weak patch.
The buyback itself is not settled peacefully. Bastion Trading, which owns nearly 10% of SkyAI, has called for an independent review of the SOL sales and says it will not join the buyback at $3 a share — it wants $3.50, plus restrictions on insiders. If the offer is fully taken up, SkyAI would be left with roughly $22.5 million before costs, while it still talks about building a finance platform that mixes Solana stablecoin payments with AI.
Read also: Strategy Buys 267 Bitcoin for $22 Million — Holdings Hit 848,517
— Crypto News Daily News Desk
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: The Block, The Defiant, CryptoBriefing
Comments
Post a Comment