SkyAI, formerly Sharps Technology, has sold its entire Solana (SOL) treasury and launched a tender offer to buy back up to $201.3 million of shares and warrants, reversing its crypto accumulation strategy. As of Oct. 16 the company held about $223.8 million in cash, and the offer covers up to 95% of each class of shares and warrants at a fixed price, no longer tied to SOL's price as originally planned. The company says it will keep building a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence. The strategy began in August 2025 after a private placement of more than $400 million, and by the end of 2025 it had produced about $153 million in unrealized losses. SkyAI shares closed Monday at $2.79, up 5.3% on the day.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Cointelegraph ↗
Related tickers and likely impact
SOL/USDT
▼ Likely negativeSolana
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $61.0B |
| Close on 10/18/2026 | 104.11 |
| Change that session | +0.62% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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