SkyAI Liquidates Entire SOL Treasury and Starts $201.3M Share Buyback

Nasdaq-listed fintech firm SkyAI has completely sold off its Solana reserve and launched a cash tender offer worth up to $201.3 million to acquire its outstanding shares and warrants, according to a regulatory statement submitted to the SEC ¹. The tender offer began on Oct. 16 and is slated to end at 11:59 p.m. New York City time on Oct. 29, unless the company chooses to extend or terminate it earlier ¹.

Under the arrangement, SkyAI plans to buy back as much as 95% of each class of its common equity and assorted warrants at a set rate of $3.00 apiece ¹. Based on cash balances recorded on Oct. 16, that consideration equates to roughly 0.95 times the firm's net asset value ¹. Security holders who choose to participate can submit their warrants directly without needing to exercise them into common equity ahead of time ¹.

Treasury Shift and Financing Details

SkyAI stated that it held approximately $223.8 million in net cash as of Oct. 16 following the complete disposal of its $SOL tokens ¹. Because the firm no longer retains any Solana assets, management removed a previous clause from the Oct. 11 proposal that had conditioned the transaction on the market value of SOL ¹. The repurchase will be funded entirely through available balance sheet liquidity, without debt financing or outside capital dependencies ¹. At the time of writing, SOL traded around $104.88, while broader crypto markets recorded a slight retreat, with $BTC changing hands near $81,846.

The tender offer includes targets of up to 48,311,489 common shares, alongside three separate categories of warrants totaling over 18.7 million units ¹. Each individual category requires a minimum 50% participation threshold to clear, though success in one class is not contingent on the others ¹. SkyAI noted that its common stock will maintain its listing on the Nasdaq Capital Market once the buyback process concludes ¹.