A little over a year after pivoting into a Solana treasury, SkyAI (formerly Sharps Technology) has liquidated all of its SOL holdings and opened a tender offer to repurchase up to $201.3M of its shares and warrants.

The company held about $223.8M in cash as of Oct. 16. The fixed-price offer covers up to 95% of each class of outstanding shares and warrants and is funded entirely from cash on hand. A condition tying the buyback to SOL's price, floated when the plan was first announced on Oct. 11, has been dropped.

SkyAI bought more than 2M SOL in 2025 at a cost basis of about $194 per token, versus roughly $104 for SOL today.

The exit adds to pressure on public Solana treasury companies, which carried more than $1.5B in combined unrealized losses by February 2026. SkyAI says it will keep building a stablecoin and AI finance platform on Solana.