SkyAI exits Solana treasury, launches $201 million share and warrant buyback

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SkyAI Solana treasury exit

Highlights

SkyAI completed the sale of its entire Solana treasury, funding a $201 million buyback covering 95% of shares and warrants at $3 each.
SkyAI dropped the $100 SOL price clause after fully exiting Solana, leaving the firm with about $22.5 million pre-costs if buyback is fully subscribed.
Bastion Trading, holding nearly 10% of SkyAI, criticized the buyback terms and refused to participate, while SKYA shares rose 4.5% to $2.77, up 35% YTD.

Buyback terms and rapid treasury reversal

As reported by The Block, SkyAI said Monday it has completed the sale of all of its SOL after previously ranking as the fifth-largest publicly traded Solana treasury company. The company said the sales are funding a buyback valued at about $201 million and that, if the offer is fully subscribed, it would be left with roughly $22.5 million before costs.

On Sept. 14, SkyAI reaffirmed its commitment to its Solana treasury strategy and said it held more than 2 million SOL. But its Oct. 11 buyback announcement disclosed sales of about 1 million SOL, and a later SEC filing showed the remaining balance had fallen to around 600,000 SOL before the treasury was fully liquidated.

SkyAI is offering $3 per share or warrant to repurchase 95% of outstanding shares. The company also dropped a proposed condition tying the offer to SOL remaining above $100, because it no longer holds the token.

Investor pressure and platform uncertainty

This sharp reduction in crypto holdings prompted Bastion Trading, which owns nearly 10% of SkyAI, to call for an independent review and say it would not participate in the buyback under the proposed terms. Bastion had sought a higher price of $3.50 per share, limits on insider participation and the exclusion of strategic advisor warrants.

SkyAI still describes its business as building a financial platform combining stablecoin rails on Solana with AI, but Monday's announcement does not say whether it plans to rebuild its SOL treasury or provide an update on the platform's rollout. The company said it plans to remain listed on Nasdaq after the buybacks are completed.

SkyAI shares, traded under ticker SKYA, are up 4.5% on the day to $2.77, extending their gain for the year to 35%.

In our earlier article on the Nasdaq 100 (NDX), we outlined a mixed technical setup with the index holding above long-term support but staying below key short- and medium-term moving averages. We highlighted diverging momentum signals, with downside risk still elevated unless NDX can clear resistance around 29,821, while a break below roughly 29,001 could worsen weakness.

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