A Solana Treasury Firm Sold Half Its Coins to Buy Back Its Own Stock

A Nasdaq-listed Solana treasury company just sold half its coins to buy back its own stock. SkyAI (Nasdaq: SKYA) liquidated roughly 1 million SOL — about 50% of its holdings — to help fund a cash tender offer worth up to $201 million.

The buyback math

The offer prices every common share and pre-funded warrant at $3.00 in cash. That is a 65% premium to the company's October 9 close, and more than double its 60-day volume-weighted average price. It covers up to 46.37 million shares and 20.72 million warrants — 95% of each class.

What has to go right

Three conditions gate the deal. At least 50% of each class must be tendered and not withdrawn, SOL must stay above $100 for the whole offer period, and the buyback cannot trigger a Nasdaq delisting.

The company expects to launch the offer around October 15 and keep it open for 10 business days. It says there is no financing condition, because cash plus digital assets already exceed the maximum purchase price.

The loss behind it

This is not a victory lap. A quarterly filing put the treasury at 2,003,676 SOL with an aggregate cost basis of $381.6 million on June 30 — an average of about $190.44 per coin. Onchain data cited by one outlet puts the SOL sold since early October at roughly $107 million in proceeds, with an unrealized loss on the remaining position above $160 million.

SkyAI also turned down a competing all-stock acquisition proposal from rival Solana treasury firm Forward Industries, saying it undervalued the company. The company says it will keep building an agentic AI financial platform once the buyback closes.

Why it matters

Treasury companies live or die on one question: does the market pay for the coins or for the corporate wrapper? When the wrapper wins, this is what it looks like — coins sold to hand investors an exit.