SkyAI Dumps Its SOL Treasury to Fund a $201M Buyback
SkyAI sold all its Solana for about $223.8M in cash and opened a $3-per-share tender. A 10% holder is pushing back on price and disclosure.
SkyAI has converted its entire Solana treasury into cash and used it to fund a roughly $201 million tender offer at $3 per share, according to its Oct. 19 announcement. The move shows a treasury company returning capital instead of holding tokens, while Bastion Trading disputes the pricing and the unexplained path of SOL sales.
The Ledger Desk · 3 min read- SkyAI said on Oct. 19 that it completed the sale of all its SOL and held about $223.8 million in cash as of Oct. 16.
- The tender offer is $3 per share or warrant, up to about $201 million; full uptake would leave roughly $22.5 million before costs.
- The earlier condition that SOL stay above $100 was dropped because SkyAI no longer holds any SOL.
- Bastion Trading, which owns nearly 10%, has said it will not tender on current terms and wants a higher price of $3.50.
- Treat the exit as a signal on treasury-company valuations: shares trading below the value of their token holdings invite liquidation, not accumulation.
SkyAI has sold every SOL it held and is spending the proceeds on a buyback. Per The Block's Oct. 19 report on the company's announcement, it had about $223.8 million in cash as of Oct. 16 and is offering $3 per share or warrant in a tender worth roughly $201 million. For a company that described itself as a Solana treasury in September, that is a reversal, and one that a near-10% holder is already contesting.
What SkyAI actually sold, and when
The sales were staged. On Sept. 14 the company reaffirmed its Solana treasury strategy and reported more than 2 million SOL. Its Oct. 11 buyback announcement disclosed sales of about 1 million SOL, and a later SEC filing showed about 600,000 remaining, per The Block. By Oct. 19 the company said it had completed the sale of all of it. The reporting does not give average sale prices, so the realized proceeds cannot be reconciled independently.
The tender terms and what is left afterward
The offer is $3 per share or warrant, for up to 95% of outstanding shares, and the company's release cites up to 67.1 million shares and warrants. If fully subscribed, about $22.5 million would remain before costs, per The Block. An earlier proposed condition, that SOL's closing price stay above $100, was removed once the company no longer held SOL. The stock traded at $2.77 on Oct. 19, below the offer price.
Why Bastion Trading is not tendering
Bastion Trading, reported to own nearly 10% of SkyAI, has said it will not participate under current terms. The Block reports it wants $3.50 per share, the exclusion of strategic advisor warrants, and an independent review of the SOL sales. Its core complaint is disclosure: the latest filing showed roughly 400,000 fewer SOL than the figure in the earlier buyback announcement, a gap the company has not explained in the reporting reviewed.
What the exit says about treasury-company economics
A treasury company that sells its tokens to buy back its own paper is acting on a discount: its shares were worth less to the market than the assets behind them. That is a reading of the structure, not a company statement. It also shows the model's weakness, since the token position was liquid enough to unwind within weeks. The Block reports the board earlier rejected a non-binding proposal from Forward Industries as undervaluing the company.
What to watch next
Three items decide how this reads. First, whether the tender reaches the 50% per-class threshold reported for the offer, given Bastion Trading's stance. Second, whether SkyAI explains the SOL count discrepancy in a filing. Third, whether the business it still describes, stablecoin rails on Solana combined with AI, gets a funded plan or a rebuilt token position. Anyone holding shares or warrants should read the SEC offer document for deadlines and extensions.
- What did SkyAI do with its Solana holdings?
- SkyAI said on Oct. 19 it had completed the sale of all of its SOL. It reported about $223.8 million in cash as of Oct. 16 and holds no SOL.
- How large is the SkyAI buyback and at what price?
- The tender offer is for up to about $201 million at $3 per share or warrant, covering up to 95% of outstanding shares. Full uptake would leave roughly $22.5 million before costs.
- Why is Bastion Trading objecting?
- Bastion Trading, which owns nearly 10%, has reported that it will not tender under current terms. It wants $3.50 per share, advisor warrants excluded, and an independent review of the SOL sales.
- Is SkyAI still a Solana treasury company?
- No longer in holdings terms. It describes itself as building a financial platform combining stablecoin rails on Solana with AI, but has not said whether it will rebuild a SOL treasury.