SkyAI Dumps Entire Solana Treasury, Frees $223.8M Cash and Drops SOL Price Condition on Buyback
SKYA has more than doubled off its 52-week low of $0.91 on elevated volume (2.2× avg).
Summary
SkyAI has sold every SOL token it held and now sits on about $223.8 million in cash as of Oct. 16, fully reversing the Solana treasury strategy it started in August 2025. The $201.3 million tender offer for up to 95% of its shares and warrants at $3.00 each is now funded entirely from cash on hand, and the company removed the condition tying the offer to Solana's price. That concession answers Bastion Trading, the near-10% holder that demanded the condition be dropped and the token sale details disclosed, and had refused to participate until then. The liquidation crystallizes the damage: SkyAI bought roughly 2.08 million SOL at about $194 per token, a $403.1 million cost basis that was already carrying about $153 million in unrealized losses at year-end 2025. Shares closed Monday at $2.79, up 5.3% but still below the $3.00 offer price, so the buyback premium has narrowed to roughly 7.5% from the 64-65% headline premium announced Oct. 11.
At the time of this announcement, SKYA was trading at $2.77 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $120.7M. The 52-week trading range was $0.91 to $5.49. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: CryptoProwl.