SkyAI Dumps Entire Solana Treasury, Funds $201M Buyback With Cash
SKYA has more than doubled off its 52-week low of $0.91 on elevated volume (2.2× avg).
Summary
SkyAI liquidated its entire Solana treasury and now holds about $223.8M in cash as of Oct. 16, fully funding the $201.3M tender offer for up to 95% of its shares and warrants at $3.00 each. The offer is no longer tied to SOL's price, a condition the company had initially planned to include when it announced the buyback on Oct. 11. That removes the main execution risk on the deal and confirms the cash is actually in hand. The pivot is a full reversal of the treasury strategy launched in August 2025, when SkyAI raised over $400M and bought more than 2 million SOL at roughly $194 per token; those holdings later carried about $153M in unrealized losses. The $3.00 tender price is a premium to Monday's $2.79 close, and the stock is up about 65% over the past month. The tender runs through its expiration; watch the proration and participation results for how much of the 95% cap gets taken up.
At the time of this announcement, SKYA was trading at $2.78 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 positive market sentiment and an importance score of 7 out of 10. Source: Cointelegraph.