SkyAI Solana liquidation has left the Nasdaq-listed company with no remaining SOL and approximately $223.8 million in cash, funding a tender offer that could cost $201.3 million if fully subscribed. The company confirmed the cash position on October 19, 2026, after reversing a treasury strategy it had reaffirmed shortly before its September shareholder meeting.

Key Takeaways

  • SkyAI sold its entire treasury of more than 2 million SOL, completing the final sales on October 15.
  • Its $3-per-share or eligible-warrant tender offer is scheduled to expire on October 29, subject to extension or earlier termination.
  • Bastion Trading, a nearly 10% shareholder, is seeking detailed sale disclosures and a higher tender price.

Table of Contents

Tender offer puts liquidation proceeds to work

SkyAI, formerly known as Sharps Technology, began its cash tender offer on October 16. The offer covers up to 48.3 million common shares and approximately 18.8 million warrants across three classes, with the company seeking to repurchase up to 95% of its outstanding common shares and several warrant classes.

The $3 purchase price represented a 65% premium to the October 9 closing share price and approximately 0.95 times reported net cash asset value. Full subscription would leave about $22.5 million in cash before fees and expenses.

With its cryptocurrency holdings gone, SkyAI removed an earlier condition requiring SOL to remain above $100. The company says the buyback provides investor liquidity while allowing it to pursue a planned artificial intelligence-based financial platform.

SkyAI Solana liquidation followed September commitment

On September 14, SkyAI had described Solana as its primary treasury asset, reporting holdings above 2 million SOL and no outstanding debt. Four days later, shareholders attended an annual meeting at which they were asked to support the board and an equity incentive plan.

October disclosures then documented a rapid reduction. An October 11 announcement said approximately 1 million SOL had been sold. An October 13 SEC filing showed about 600,000 SOL remaining, indicating that at least 70% of the original holdings had been liquidated.

By October 14, the company reported approximately $204.6 million in cash and 210,000 locked SOL. It disclosed an average sale price of $107.51 per SOL, net of fees, for recent liquid and locked-token transactions involving BitGo, Anchorage and Coinbase.

Tender-offer documents stated that the final SOL holdings were sold on October 15. SkyAI subsequently confirmed that it held $223.8 million in cash and no SOL as of October 16.

The exit also ends direct staking exposure from reserves that generated $2.3 million in net staking revenue during the second quarter of 2026. SkyAI has not announced plans to rebuild its Solana treasury.

Bastion challenges sale process and tender terms

Bastion Trading, which owns nearly 10% of SkyAI, has questioned the timing, transparency and authorization of the disposals. It has requested an accounting of sale dates, quantities, prices and proceeds.

The shareholder also wants the tender price raised to $3.50, restrictions involving insiders and changes to the board. Those demands are shareholder allegations and proposals, not findings of securities violations.

Conclusion

SkyAI has completed its exit from SOL, but the tender offer remains pending. Shareholder participation and the company’s response to Bastion’s disclosure requests remain unresolved.

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