SkyAI liquidates Solana treasury and launches $201.3 million cash tender offer at $3 per share
SkyAI sold its entire Solana holdings, now holds $223.8 million cash, and launched a tender offer for up to 95% of shares and warrants at $3 each, expiring October 29.
Why it matters
SkyAI's exit from its Solana treasury strategy marks a reversal for a company that held over 2 million SOL in September and was among the largest publicly traded Solana holders. The move reflects pressure from unrealized losses on digital asset treasury holdings, with SkyAI's annual filing showing approximately $153 million in unrealized losses on its SOL position. Other public Solana treasury companies collectively faced an estimated $1.5 billion in unrealized losses by February 2026.
Where the sources disagree
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
size of the holdings
$223.8 million
Altcoin Buzz
$201 Million
Crypto News (CryptoNews.net)
Altcoin Buzz reports $223.8 million, Crypto News (CryptoNews.net) reports $201 Million (10% apart).
size of the holdings (cash treasury)
$223.8 million
Altcoin Buzz
$201 million
Bitcoin Insider
Altcoin Buzz reports $223.8 million, Bitcoin Insider reports $201 million (10% apart).
size of the holdings (solana)
$223.8 million
Altcoin Buzz
$201 Million
Bitcoinist
Altcoin Buzz reports $223.8 million, Bitcoinist reports $201 Million (10% apart).
size of the holdings (company)
$223.8 million
Bitcoin.com News
$201 Million
Crypto News (CryptoNews.net)
Bitcoin.com News reports $223.8 million, Crypto News (CryptoNews.net) reports $201 Million (10% apart).
size of the holdings (cash treasury)
$223.8 million
Bitcoin.com News
$201 million
Bitcoin Insider
Bitcoin.com News reports $223.8 million, Bitcoin Insider reports $201 million (10% apart).
size of the holdings (solana)
$223.8 million
Bitcoin.com News
$201 Million
Bitcoinist
Bitcoin.com News reports $223.8 million, Bitcoinist reports $201 Million (10% apart).
size of the holdings (holdings skyai)
$201 Million
Crypto News (CryptoNews.net)
$223.8 million
Cointelegraph
Crypto News (CryptoNews.net) reports $201 Million, Cointelegraph reports $223.8 million (10% apart).
size of the holdings (skyai)
$223.8 million
Crypto News (CryptoNews.net)
$201 Million
Bitcoinist
Crypto News (CryptoNews.net) reports $223.8 million, Bitcoinist reports $201 Million (10% apart).
size of the holdings (cash treasury)
$223.8 million
Cointelegraph
$201 million
Bitcoin Insider
Cointelegraph reports $223.8 million, Bitcoin Insider reports $201 million (10% apart).
size of the holdings (holdings skyai)
$223.8 million
Cointelegraph
$201 Million
Bitcoinist
Cointelegraph reports $223.8 million, Bitcoinist reports $201 Million (10% apart).
size of the holdings (holdings)
$201 Million
Bitcoinist
$250 million
Crypto News (CryptoNews.net)
Bitcoinist reports $201 Million, Crypto News (CryptoNews.net) reports $250 million (20% apart).
reported cost (cost)
$201.3 million
Bitcoinist
$403.1 million
Crypto News (CryptoNews.net)
Bitcoinist reports $201.3 million, Crypto News (CryptoNews.net) reports $403.1 million (50% apart).
size of the holdings
95%
Crypto.News
10%
Crypto News (CryptoNews.net)
Crypto.News reports 95%, Crypto News (CryptoNews.net) reports 10% (89% apart).
size of the holdings (cash treasury)
$201.3 million
Crypto.News
$223.8 million
Altcoin Buzz
Crypto.News reports $201.3 million, Altcoin Buzz reports $223.8 million (10% apart).
size of the holdings (cash launched treasury)
$201.3 million
Crypto.News
$223.8 million
Bitcoin.com News
Crypto.News reports $201.3 million, Bitcoin.com News reports $223.8 million (10% apart).
size of the holdings (cash)
$201.3 million
Crypto.News
$223.8 million
Crypto News (CryptoNews.net)
Crypto.News reports $201.3 million, Crypto News (CryptoNews.net) reports $223.8 million (10% apart).
size of the holdings (cash offering treasury)
$201.3 million
Crypto.News
$223.8 million
Cointelegraph
Crypto.News reports $201.3 million, Cointelegraph reports $223.8 million (10% apart).
reported value
$3.50
Crypto.News
$3
Bitcoin Insider
Crypto.News reports $3.50, Bitcoin Insider reports $3 (14% apart).
reported value
$3.50
Crypto.News
$3
Bitcoinist
Crypto.News reports $3.50, Bitcoinist reports $3 (14% apart).
size of the holdings (treasury)
$223.8 million
Altcoin Buzz
$201.3 million
Cointelegraph
Altcoin Buzz reports $223.8 million, Cointelegraph reports $201.3 million (10% apart).
size of the holdings (treasury)
$223.8 million
Altcoin Buzz
$201.3 million
Crypto News (CryptoNews.net)
Altcoin Buzz reports $223.8 million, Crypto News (CryptoNews.net) reports $201.3 million (10% apart).
size of the holdings (launched treasury)
$223.8 million
Bitcoin.com News
$201.3 million
Cointelegraph
Bitcoin.com News reports $223.8 million, Cointelegraph reports $201.3 million (10% apart).
size of the holdings (launched treasury)
$223.8 million
Bitcoin.com News
$201.3 million
Crypto News (CryptoNews.net)
Bitcoin.com News reports $223.8 million, Crypto News (CryptoNews.net) reports $201.3 million (10% apart).
reported value (eligible tender)
$3
Bitcoin Insider
$3.50
Crypto.News
Bitcoin Insider reports $3, Crypto.News reports $3.50 (14% apart).
reported value
$3
Bitcoinist
$3.50
Crypto.News
Bitcoinist reports $3, Crypto.News reports $3.50 (14% apart).
reported value (share)
$3
Bitcoinist
$3.50
Crypto News (CryptoNews.net)
Bitcoinist reports $3, Crypto News (CryptoNews.net) reports $3.50 (14% apart).
Key facts
SkyAI sold its entire Solana treasury and held $223.8 million in cash as of October 16
223,800,000 USDDisputed figureReported by Crypto.News
The tender offer could cost up to $201.3 million if fully subscribed
201,300,000 USDDisputed figureReported by Crypto.News
The tender offer began October 16 and expires October 29 unless extended or terminated
Reported by Crypto.News
SkyAI removed a previously planned condition requiring Solana to stay above $100 during the offer period
100 USDReported by Crypto.News
SkyAI held over 2 million SOL in September 2025 and 2.08 million SOL by end of 2025 purchased for $403.1 million
2,080,000 SOLDisputed figureReported by Altcoin Buzz
SkyAI shares closed at $2.79 on October 19, up 5.3% on the day
2.79 USDReported by Cointelegraph
What happened
SkyAI, formerly Sharps Technology, announced it has liquidated its entire Solana treasury and held approximately $223.8 million in cash as of October 16. The Nasdaq-listed company launched a cash tender offer to purchase up to 95% of each class of its outstanding shares and three warrant classes at $3 per security, with a maximum cost of $201.3 million if fully subscribed. The offer began October 16 and expires October 29 unless extended. Bastion Trading, which holds nearly 10% of SkyAI, has demanded a price of at least $3.50 per security and called for an independent review. SkyAI removed a previously planned condition tying the offer to Solana staying above $100. The company intends to continue developing a financial platform combining stablecoin infrastructure on Solana with artificial intelligence.
How the story developed
- First report
First report by Crypto.News
SkyAI sells all Solana holdings as $201M buyback faces price dispute
- Update
First report: SkyAI announces Solana liquidation and tender offer
Crypto.News publishes initial story on SkyAI's treasury liquidation and $201.3M buyback
- Independent corroboration
Independently corroborated by Altcoin Buzz
SkyAI Starts $201M Buyback at $3 as It Sells All Its Solana
- Update
Altcoin Buzz publishes independent coverage
Additional details on SkyAI's strategy reversal from Solana treasury to cash
- Official statement
Official statement from Bitcoin.com News
Another Crypto Treasury Waves the White Flag as SkyAI Liquidates Its SOL
- Update
Bitcoin.com News reports on share price reaction
SKYA shares gained over 5% on Monday following the announcement
- Update
Cointelegraph publishes detailed analysis
Includes share price data and context on SkyAI's strategy shift
- Update
Bitcoinist and Crypto.News add context on Bastion Trading demands
Reports on major investor opposition and call for independent review
- Update
Crypto News provides historical context on SkyAI's Solana strategy
Details on 2025 accumulation, cost basis, and unrealized losses
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 19 Oct 2026, 18:07 UTC: Crypto.News — 1 independent source, 1 reports
- 19 Oct 2026, 18:29 UTC: Altcoin Buzz — 2 independent sources, 2 reports
- 19 Oct 2026, 19:05 UTC: Bitcoin.com News, official — 3 independent sources, 3 reports
- 19 Oct 2026, 19:20 UTC: Crypto News (CryptoNews.net) — 4 independent sources, 4 reports
- 19 Oct 2026, 21:04 UTC: Cointelegraph — 5 independent sources, 5 reports
- 20 Oct 2026, 10:45 UTC: Bitcoinist — 6 independent sources, 9 reports
Affected entities
Also mentioned: United States, Ethereum, Coinbase, Fidelity
Original sources
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