SkyAI Sells All Its SOL, Tenders for Up to 95% of Shares at $3

SkyAI (Nasdaq: SKYA), formerly a Solana treasury company, said on Oct. 19, 2026 that it has sold all of its SOL and no longer holds the token. It had about $223.8M in cash as of Oct. 16, and is running a tender offer for up to 95% of its shares and warrants at $3.00 each.

Details

The tender began Oct. 16 and expires at 11:59 p.m. ET on Oct. 29 unless extended. It is paid from cash on hand with no financing condition. Each class of security carries a 50% minimum-tender condition. The company had initially planned to tie the offer to the price of SOL; with the SOL sold, that condition is gone.

SkyAI disclosed on Oct. 14 that it held about $204.6M in cash and roughly 210,000 locked SOL, after selling a mix of liquid and locked tokens at an average $107.51. The $3.00 price is about 0.95x market net asset value, a 65% premium to the Oct. 9 close and more than double the 60-day VWAP.

Bitcoin.com reports that SkyAI joins other firms leaving the digital-asset-treasury model, including Satsuma Technology, Prenetics, Genius Group, Sequans and Vaultz Capital. SkyAI says it intends to stay listed on Nasdaq.

What it means for the market

Altcoin treasury companies bought tokens with shareholder money. When their shares trade below asset value, they sell the tokens and return cash to investors. For SOL that is a forced seller, though the company's volume is small relative to the market. For market conditions, see the daily brief and the Solana page.