Solana treasury firm SkyAI sells all SOL holdings, launches $201M buyback

What happened: SkyAI, formerly Sharps Technology, sold its entire Solana treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants, reversing its crypto accumulation strategy. Key numbers: $223.8 million cash as of Oct. 16. Why it matters: The company said the tender offer is no longer tied to SOL's price, a condition it had initially planned to include when announcing the buyback on Oct. 11. It intends to continue developing a financial platform combining stablecoin infrastructure on Solana with artificial intelligence. Coverage: 3 outlets in 24h

SkyAI, formerly Sharps Technology, sold its entire Solana treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants, reversing its crypto accumulation strategy.

The company said the tender offer is no longer tied to SOL's price, a condition it had initially planned to include when announcing the buyback on Oct. 11. It intends to continue developing a financial platform combining stablecoin infrastructure on Solana with artificial intelligence.