SkyAI sells entire Solana treasury, launches $201 million share buyback

Fintech firm SkyAI completely liquidated its Solana cryptocurrency treasury, accumulating $223.8 million in cash as of October 16, 2026. The Nasdaq-listed company launched a cash tender offer of up to $201.3 million to repurchase up to 95% of its shares and warrants at $3 apiece, reversing its digital asset accumulation strategy following major unrealized losses. Activist investor Bastion Trading, holding a 9.99% stake, is opposing the offer, demanding a price of at least $3.50 per share and an independent review of token sales before participating.

Liquidation of Solana treasury

• ▪SkyAI removed a proposed condition requiring Solana to remain above $100 because the company completely liquidated its token holdings.
• ▪SkyAI held approximately $223.8 million in cash as of October 16, 2026, following the complete sale of its Solana holdings.
• ▪SkyAI executed its recent Solana disposals through service providers BitGo, Anchorage, and Coinbase at an average price of $107.51 per token after fees.
• ▪SkyAI sold its entire Solana treasury, completing the liquidation of more than 2 million SOL by October 16, 2026.

Terms of the share buyback offer

• ▪The SkyAI cash tender offer began on October 16, 2026, and is scheduled to expire on October 29, 2026, at 11:59 p.m. New York City time.
• ▪SkyAI's tender offer covers up to 95% of each eligible class of outstanding shares and warrants, including up to 67,087,366 total securities.
• ▪SkyAI launched a cash tender offer to repurchase up to $201.3 million in outstanding shares and warrants at a fixed price of $3 per security.

Bastion Trading demands and stance

• ▪Activist investor Bastion Trading, which beneficially holds approximately 9.99% of SkyAI stock, requested a tender price of at least $3.50 per share.
• ▪Bastion Trading stated it will not participate in the SkyAI buyback offer unless its pricing and governance demands are satisfactorily addressed.
• ▪Bastion Trading demanded governance reforms at SkyAI, including an independent special committee review of the Solana disposals, board changes, and restrictions on insider tendering.

Historical Solana accumulation and losses

• ▪SkyAI had accumulated approximately 2.08 million SOL tokens by late 2025 at an average cost basis of roughly $194 per token.
• ▪By the end of 2025, SkyAI reported $153 million in unrealized losses on its Solana treasury as token valuations dropped.

SkyAI business strategy and development

• ▪SkyAI generated over $12 million in net staking revenue from August 2025 through June 30, 2026, to fund research, development, and corporate expenses.
• ▪SkyAI intends to focus on developing a financial platform combining Solana stablecoin infrastructure with artificial intelligence applications.

SkyAI Nasdaq listing and stock performance

• ▪SkyAI shares closed up 5.3% at $2.79 on October 19, 2026, having gained approximately 65% over the preceding month.
• ▪SkyAI intends to remain publicly listed on the Nasdaq exchange following the completion of its buyback transaction.