{"id":3533,"date":"2026-10-19T22:59:14","date_gmt":"2026-10-19T22:59:14","guid":{"rendered":"https:\/\/xesi.net\/?p=3533"},"modified":"2026-10-19T22:59:14","modified_gmt":"2026-10-19T22:59:14","slug":"skyai-backtracks-on-solana-strategy-with-massive-share-buyback-after-liquidating-crypto-treasury","status":"publish","type":"post","link":"https:\/\/xesi.net\/?p=3533","title":{"rendered":"SkyAI Backtracks on Solana Strategy With Massive Share Buyback After Liquidating Crypto Treasury"},"content":{"rendered":"

SkyAI, formerly known as Sharps Technology, has completely reversed its cryptocurrency accumulation strategy by liquidating its entire Solana (SOL) treasury and launching a massive tender offer to repurchase up to $201.3 million of its own shares and warrants. <\/p>\n

According to an official filing with the United States Securities and Exchange Commission (SEC) submitted on Monday, the company held approximately $223.8 million in cash as of Oct. 16, following the complete liquidation of its extensive SOL holdings. <\/p>\n

The newly announced tender offer provides an avenue for the company’s shareholders and warrant holders to sell their securities directly back to SkyAI at a fixed price. The program covers up to 95% of each individual class of the company\u2019s outstanding shares and warrants, with the entire initiative funded directly by cash on hand. <\/p>\n

Initially, when SkyAI first announced the buyback proposal on Oct. 11, the company had intended to make the tender offer conditional upon the fluctuating market price of Solana. However, the firm ultimately dropped that condition, decoupling the buyback entirely from the token’s market valuation. Despite walking away from its digital asset treasury model, SkyAI noted that it still intends to continue developing its core financial platform, which aims to combine stablecoin infrastructure operating on the Solana blockchain with artificial intelligence technologies.<\/p>\n

Market reaction to the strategic shift appeared cautiously optimistic. SkyAI shares closed trading on Monday at $2.79, marking a 5.3% increase for the day, according to data provided by Yahoo Finance. The stock has experienced notable volatility paired with recent recovery, gaining approximately 65% over the past month. Even with this recent upward momentum, however, the equity remains down by roughly 41% over a 12-month period.<\/p>\n

\"Solana<\/figure>\n

SkyAI Reverses Solana Treasury Strategy After One Year<\/p>\n

The complete exit from digital assets marks the end of a high-profile corporate treasury pivot that SkyAI first initiated in August 2025. At that time, the company dramatically shifted its strategic direction after successfully raising more than $400 million through a private placement. In the following month, the firm aggressively acquired over 2 million SOL tokens, establishing a treasury position that was valued at more than $400 million at the time of purchase.<\/p>\n

As the market environment evolved and digital asset prices fluctuated throughout the latter half of the year, the treasury strategy faced significant financial headwinds. By the close of 2025, the company’s annual financial disclosures revealed that it held approximately 2.08 million SOL tokens with a cumulative cost basis of $403.1 million, which averaged out to roughly $194 per token. Due to a broader market downturn affecting digital currencies, those same holdings were valued at just $250.1 million by year-end, resulting in approximately $153 million in unrealized losses for the firm.<\/p>\n

These mounting losses were not isolated to SkyAI alone. The company’s financial struggles reflected a broader, systemic pressure experienced by several publicly traded companies that had previously adopted SOL as a primary corporate treasury asset. By February 2026, firms holding Solana in their corporate treasuries were collectively facing more than $1.5 billion in combined unrealized losses. As token prices tumbled, the severe depreciation directly weighed down the firms’ balance sheets and triggered aggressive equity repricing across the sector.<\/p>\n

The macroeconomic and crypto market environment has continued to shift since those steep declines. Solana’s native token experienced a severe trough when prices fell to around $62 in June, but the digital asset has since mounted a recovery. According to market data from CoinGecko, SOL was trading near the $104 mark as of Monday. Nevertheless, for SkyAI, the roller-coaster ride of digital asset volatility has prompted a permanent return to traditional capital management structures, prioritizing cash-funded equity repurchases over cryptocurrency accumulation.<\/p>\n","protected":false},"excerpt":{"rendered":"

SkyAI, formerly known as Sharps Technology, has completely reversed its cryptocurrency accumulation strategy by liquidating its entire Solana (SOL) treasury and launching a massive tender offer to repurchase up to $201.3 million of its own shares and warrants. According to an official filing with the United States Securities and Exchange Commission (SEC) submitted on Monday, […]<\/p>\n","protected":false},"author":1,"featured_media":3532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[933],"tags":[5702,935,5703,934,5704,1371,1193,5701,992,1531,1212,936],"class_list":["post-3533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-and-web3","tag-backtracks","tag-blockchain","tag-buyback","tag-crypto","tag-liquidating","tag-massive","tag-share","tag-skyai","tag-solana","tag-strategy","tag-treasury","tag-web3"],"_links":{"self":[{"href":"https:\/\/xesi.net\/index.php?rest_route=\/wp\/v2\/posts\/3533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/xesi.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xesi.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xesi.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xesi.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3533"}],"version-history":[{"count":0,"href":"https:\/\/xesi.net\/index.php?rest_route=\/wp\/v2\/posts\/3533\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xesi.net\/index.php?rest_route=\/wp\/v2\/media\/3532"}],"wp:attachment":[{"href":"https:\/\/xesi.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xesi.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xesi.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}