SkyAI sells 1 million SOL to fund $201 million share buyback, rejects Forward Industries offer
Solana treasury firm SkyAI sold roughly half its SOL reserves to finance a $201 million tender offer for up to 95% of its shares while rebuffing an acquisition bid from Forward Industries.
Why it matters
The moves illustrate divergent corporate treasury strategies among Solana-holding public companies: SkyAI is liquidating reserves to return cash to shareholders via a large buyback, while DeFi Development continues accumulating SOL despite a declining share price. Both approaches test whether Solana treasury models can sustain shareholder value amid crypto volatility.
Where the sources disagree
Total SOL sold by SkyAI over five days
1 million SOL
Crypto.News
1.25 million SOL
Crypto News (CryptoNews.net)
Crypto.News reported approximately 1 million SOL sold; a syndicated report cited on-chain data indicating 1.25 million SOL including the 211,623 SOL transfer to Coinbase Prime.
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 (approximately company)
1 million SOL
Crypto.News
2,586,282 SOL
CoinGape
Crypto.News reports 1 million SOL, CoinGape reports 2,586,282 SOL (61% apart).
size of the holdings
$201 million
Crypto.News
$300 million CHAD
CoinGape
Crypto.News reports $201 million, CoinGape reports $300 million CHAD (33% apart).
Key facts
SkyAI sold approximately 1 million SOL, representing half of its cryptocurrency reserves.
1,000,000 SOLDisputed figureReported by Crypto.News
SkyAI plans a cash tender offer worth up to $201 million to repurchase up to 95% of its outstanding shares and warrants at $3 each.
201,000,000 USDDisputed figureReported by Crypto.News
The tender offer is expected to begin around October 15.
Reported by Crypto.News
SkyAI rejected an unsolicited acquisition proposal from Forward Industries, concluding it undervalued the company.
Reported by Crypto.News
Blockchain analyst Ember reported an additional 211,623 SOL transferred from a SkyAI-linked wallet to Coinbase Prime on October 12.
211,623 SOLReported by Crypto.News
Ember estimated SkyAI's total SOL disposals at roughly $138 million over five days.
138,000,000 USDReported by Crypto.News
DeFi Development Corp added 22,070 SOL and equivalents, bringing its treasury to approximately 2,586,282 tokens, a 12% increase since August 12.
22,070 SOLDisputed figureReported by CoinGape
DeFi Development established a $300 million at-the-market offering program for its CHAD variable-rate perpetual preferred stock with a stated 13% annual dividend rate.
300,000,000 USDDisputed figureReported by CoinGape
What happened
SkyAI, a Nasdaq-listed Solana treasury company trading as SKYA, confirmed it sold approximately 1 million SOL — about half its cryptocurrency reserves — to help fund a cash tender offer of up to $201 million to repurchase up to 95% of its outstanding shares and three classes of warrants at $3 each, with the offer expected to start around October 15. The company's board rejected an unsolicited acquisition proposal from Forward Industries, concluding it undervalued SkyAI. Blockchain analyst Ember reported an additional 211,623 SOL transfer from a SkyAI-linked wallet to Coinbase Prime, estimating total disposals near $138 million over five days; a syndicated report put the five-day total at 1.25 million SOL. Separately, another Nasdaq-listed Solana treasury firm, DeFi Development Corp (DFDV), added 22,070 SOL to reach roughly 2.59 million tokens, a 12% increase since August, funded partly by a $300 million CHAD preferred stock offering carrying a 13% dividend rate, while its common shares fell about 21% over a week.
How the story developed
- Official statement
SkyAI announces SOL sales and $201M share buyback plan
Company confirms sale of ~1M SOL, tenders for up to 95% of shares at $3, rejects Forward Industries bid.
- Update
Ember reports additional 211,623 SOL transfer to Coinbase Prime
On-chain analyst identifies further SOL movement from SkyAI-linked wallet.
- Official statement
DeFi Development announces 22,070 SOL addition and $300M CHAD preferred program
Treasury reaches ~2.59M SOL, up 12% since August; CEO reaffirms accumulation strategy.
- First report
First report by Crypto.News
Solana treasury firm SkyAI sells 1 million SOL, plans $201 million share buyback
- Update
SkyAI tender offer expected to commence
Cash offer for shares and warrants at $3 each slated to begin around this date.
- Independent corroboration
Independently corroborated by CoinGape
Nasdaq-Listed DeFi Development Adds 22,070 SOL, Boosts Solana Holdings to 2.59 Million
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.
- 12 Oct 2026, 13:47 UTC: Crypto.News — 1 independent source, 1 reports
- 12 Oct 2026, 17:01 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
- 12 Oct 2026, 18:00 UTC: CoinGape — 3 independent sources, 3 reports
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto.News Crypto media | Solana treasury firm SkyAI sells 1 million SOL, plans $201 million share buyback | Original | |
| CoinGape Crypto media | Nasdaq-Listed DeFi Development Adds 22,070 SOL, Boosts Solana Holdings to 2.59 Million | Independent | |
| Crypto News (CryptoNews.net) Aggregator | Company with an Altcoin Treasury Begins Selling: $138 Million in Sales in Five Days | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | CHAD preferred climbs toward $10 as DeFi Development common falls 21% in a week | Syndicated | |
| Bitcoin Insider Aggregator | DeFi Development Adds 22,070 SOL and Equivalents to Its Treasury | Syndicated |
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