SkyAI sells entire Solana treasury and launches $201.3 million tender offer

SkyAI, formerly medical device maker Sharps Technology, has sold its entire Solana (SOL) treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants. The sale reverses SkyAI's cryptocurrency accumulation strategy. A Monday filing with the US Securities and Exchange Commission states that SkyAI held approximately $223.8 million in cash as of Oct. 16 after liquidating the SOL holdings.

The tender offer allows shareholders and warrant holders to sell securities directly back to SkyAI at a fixed price. The offer covers up to 95% of each class of SkyAI's outstanding shares and warrants. SkyAI will fund the offer entirely with cash on hand. SkyAI said the offer is no longer tied to SOL's price, a condition SkyAI initially planned to include when announcing the buyback on Oct. 11. SkyAI intends to continue developing a financial platform combining stablecoin infrastructure on Solana with artificial intelligence.

Yahoo Finance data show that SkyAI shares closed Monday at $2.79, up 5.3% on the day. SkyAI shares have gained approximately 65% over the past month. However, SkyAI shares remain down about 41% over the past year.

SkyAI launched the Solana treasury strategy in August 2025 after raising more than $400 million through a private placement. SkyAI acquired more than 2 million SOL the following month, establishing a position valued at more than $400 million at the time. SkyAI's annual financial disclosures show approximately 2.08 million SOL held at the end of 2025, with a cost basis of $403.1 million, or roughly $194 per token. The disclosures valued the holdings at $250.1 million, representing approximately $153 million in unrealized losses.

The losses reflected broader pressure on companies that accumulated SOL as a treasury asset. Publicly traded Solana treasury companies faced more than $1.5 billion in combined unrealized losses by February 2026 as falling token prices weighed on holdings and share valuations. CoinGecko data show that SOL fell to around $62 in June but recovered to trade near $104 as of Monday.