SkyAI, formerly known as Sharps Technology, has liquidated its entire Solana treasury. The company sold over 2 million SOL tokens, which it had initially acquired in September 2025 following a private placement that raised more than $400 million.
Following the liquidation, the firm initiated a tender offer to repurchase up to $201.3 million in shares and warrants. This buyback program is funded by the company's cash reserves, which totaled approximately $223.8 million as of October 16, 2026.
The tender offer covers up to 95% of each class of outstanding shares and warrants. Unlike the initial plan announced on October 11, the current offer is no longer linked to the market price of Solana. SkyAI stated it will continue developing a financial platform integrating stablecoin infrastructure and artificial intelligence.
The company's previous strategy of holding SOL resulted in significant unrealized losses. By the end of 2025, the firm held 2.08 million SOL with a cost basis of $403.1 million, while the market value had dropped to $250.1 million. Publicly traded companies holding SOL faced over $1.5 billion in combined unrealized losses by February 2026.
