SkyAI, formerly known as Sharps Technology, has officially liquidated its entire Solana (SOL) treasury in a sweeping pivot, abandoning its aggressive cryptocurrency accumulation strategy after a volatile one-year run. Alongside the complete offloading of its digital asset holdings, the company has launched a massive tender offer aimed at repurchasing up to $201.3 million worth of its outstanding shares and warrants.
According to regulatory filings submitted to the United States Securities and Exchange Commission (SEC) on Monday, the total liquidation of its SOL portfolio left SkyAI holding approximately $223.8 million in cash as of Oct. 16. The newly structured tender offer allows participating shareholders and warrant holders to sell their securities directly back to the company at a fixed price. The program covers up to 95% of each respective class of the company’s outstanding shares and warrants, with the entire buyback funded seamlessly by the firm’s robust cash reserves.
Initially, when SkyAI first announced the buyback initiative on Oct. 11, the tender offer was conditioned on the fluctuating market price of Solana. However, the company has since removed that restriction entirely, decoupling the share repurchase program from the performance of the underlying digital asset. Despite shifting away from holding cryptocurrencies directly on its balance sheet, SkyAI noted that it still intends to press forward with the development of its core financial platform. This technological ecosystem aims to combine advanced artificial intelligence with stablecoin infrastructure built on the Solana blockchain.
Market response to the strategic overhaul was notably positive in the immediate trading sessions. SkyAI shares closed the day on Monday at $2.79, marking a 5.3% increase for the session. Over the past month, the stock has staged a notable recovery, gaining approximately 65%. Nevertheless, the broader multi-month trajectory reveals lingering headwinds, with the equity remaining down roughly 41% over the course of the past year as the company navigates the turbulent intersection of traditional corporate finance and digital asset markets.
SkyAI Reverses Solana Treasury Strategy After One Year
The decision to liquidate the digital asset treasury brings a definitive close to a high-profile corporate strategy that began in August 2025. At that time, SkyAI—then operating under the Sharps Technology banner—entered the cryptocurrency spotlight after raising more than $400 million through a private placement. Buoyed by capital market enthusiasm, the firm aggressively accumulated more than 2 million SOL the following month, establishing a massive treasury position that was valued at well over $400 million at the time of purchase.
As the cryptocurrency market experienced severe cyclical downturns, the aggressive bet faced mounting financial pressure. By the end of 2025, corporate disclosures showed that SkyAI held approximately 2.08 million SOL, acquired with a total cost basis of $403.1 million, which translated to an average cost of roughly $194 per token. However, due to downward market corrections, those same holdings were valued at just $250.1 million by year-end, exposing the company to roughly $153 million in unrealized losses on its financial statements.
SkyAI was far from alone in feeling the pain. The company’s struggles mirrored a broader wave of distress hitting publicly traded entities that had adopted alternative treasury strategies centered around Solana. By February 2026, corporate holders of SOL collectively faced more than $1.5 billion in combined unrealized losses. As token valuations plummeted, equity markets heavily repriced the shares of these corporate treasuries, forcing management teams to rethink their balance sheet compositions.
The broader market for the underlying asset has shown signs of renewed life following the summer doldrums. After touching a low of around $62 in June, Solana has experienced a steady recovery, clawing its way back to trade near $104 as of Monday, according to data from CoinGecko. Yet, for SkyAI, the rebound came too late to save the treasury strategy, prompting leadership to lock in liquidity, protect shareholder value through the multi-million-dollar buyback program, and refocus its operational efforts purely on software platform development and AI integration.
