SkyAI sells Solana, launches $201M buyback amid criticism

6.8 Investments

Oct 19, 2026

SkyAI sold its entire Solana treasury for $223.8M, launching a $201.3M share buyback at $3 per share. Bastion Trading criticized the plan, citing concerns over pricing and governance.

SkyAI, previously known as Sharps Technology, has sold its entire Solana (SOL) treasury, liquidating over 2 million SOL and now holding approximately $223.8 million in cash. This marks a major strategic shift for the company, which had previously built its public image around Solana as its primary crypto asset. The liquidation began in early October and concluded around October 16, 2026. Proceeds from the sale are being used to fund a tender offer to repurchase up to 95% of SkyAI’s outstanding shares and certain warrants, priced at $3 per share and capped at $201.3 million. If fully subscribed, SkyAI would retain about $22.5 million before costs. The buyback plan has drawn criticism from Bastion Trading, which called for an independent review and raised concerns about pricing and governance, declining to participate under the current terms. This move comes as Solana traded near $105 and reflects a broader trend of shifting treasury strategies among crypto firms.