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      SkyAI Liquidates Entire Solana Treasury, Prepares for Share Buyback

      SkyAI, a Nasdaq-listed company formerly known as Sharps Technology, has sold its entire treasury of Solana (SOL), amounting to over 2 million SOL, and now holds approximately $223.8 million in cash. This significant liquidation, completed around October 16, 2026, marks a dramatic shift for a company that previously built its identity around holding a single cryptocurrency asset.

      The decision to sell was influenced by shareholder pressure, particularly from Bastion Trading, which owns nearly 10% of SkyAI's shares. Bastion has raised concerns regarding the transparency of the sales and has called for governance changes before agreeing to participate in a planned share buyback. The buyback aims to repurchase up to 95% of SkyAI’s outstanding shares at a price of $3 per share, with a total cap of $201.3 million.

      SkyAI's average purchase price for its SOL holdings was around $194, resulting in significant unrealized losses during the period it held the asset. However, the company did generate over $12 million in staking revenue from its SOL before the liquidation. The sale of such a large volume of SOL could impact the market structure for the cryptocurrency, raising questions about shareholder participation in the buyback and the potential governance changes sought by Bastion.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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