Solana treasury firm SkyAI sells all SOL holdings, launches $201M buyback
The former medical device maker has liquidated its Solana treasury and is offering to repurchase shares and warrants using its $223.8 million cash holdings.
SkyAI, the former medical device company, has sold all of its Solana (SOL) holdings and initiated a $201 million share and warrant buyback. The company, which changed its name from Sharps Technology, had previously accumulated more than 2 million SOL, valued at over $400 million at the time, as part of its treasury strategy. However, as of October 16, SkyAI liquidated its SOL holdings, leaving it with $223.8 million in cash.
This move came after the company scrapped its original plan to tie the buyback to SOL's price, a condition it had initially included in its announcement on October 11. The tender offer now stands as a standalone cash-funded transaction, covering up to 95% of each class of the company's outstanding shares and warrants. SkyAI intends to focus on developing a financial platform that integrates stablecoin infrastructure on Solana with artificial intelligence capabilities.
The company's shares closed at $2.79 on Monday, marking a 5.3% increase for the day, and have seen a 65% rise over the past month. However, SkyAI's stock remains down approximately 41% over the past year.
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