SkyAI Sold All SOL and Launched $201 Million Share Buyback

SkyAI (formerly Sharps Technology) sold all its Solana reserves and announced a buyback of shares and warrants worth up to $201.3 million, offering $3 per share, despite a major investor's demand to raise the price. As of October 16, when the offer began, the company had $223.8 million in cash. The buyback covers up to 95% of each class of shares and warrants, with a deadline of October 29.

The company is no longer dependent on the SOL price as it has completed token sales. Previously, the condition was for Solana to stay above $100. The existing cash is sufficient for the accepted securities and transaction expenses without borrowing: full participation within the limits will require approximately $201.3 million, leaving around $22.5 million before fees and other changes.

In the October 14 report, SkyAI reported $204.6 million in cash and approximately 210,000 locked SOL, intending to sell the remainder. The average sale price was $107.51 per token after fees through BitGo, Anchorage, and Coinbase; buyers were not disclosed. The cash difference between October 14 and 16 is $19.2 million, but it does not prove revenue specifically for the last 210,000 SOL, as it does not account for other fund movements.

Bastion Trading, which, along with affiliated entities, owns about 9.99% of common shares, contested the deal on October 14. The investor demands at least $3.50 per share or warrant—16.7% above the offer—independent oversight of the process, and a public review of SOL sales. It called the sales a "fundamental deviation" from the previously announced treasury management strategy, requested dates, volumes, prices, costs, and board approval details, and asked to exclude strategic advisor warrants and prevent insiders from participating. Without meeting these demands, Bastion does not plan to participate in the buyback.

In the September proxy report, SkyAI indicated it held over 2 million SOL, almost all staked through institutional validators, and that income from the strategy from August 2025 to June 30, 2026, exceeded $12 million after fees. At that time, an independent committee rejected a non-binding proposal from Forward Industries to exchange shares.

Schedule TO covers up to 48,311,489 common shares, 4,880,734 cash prepaid warrants, 9,939,850 crypto prepaid warrants, and 3,955,293 strategic warrants—a total of 67,087,366 securities. The payout for warrants will be $2.9999 after deducting the exercise price of $0.0001. The liquidation of SOL was completed on October 15; the company describes its focus as an AI financial platform. The board of directors authorized the deal but does not provide recommendations to shareholders; participation is voluntary, and tenders can be withdrawn until the expiration—minutes after 11:59 PM New York time on October 29, although brokers may set earlier deadlines.