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Former Top-5 SOL Treasury Firm Executes Aggressive Pivot, Fully Exiting SOL Holdings—Just One Month After Reaffirming Its “SOL Treasury Strategy”
On October 19, SkyAI—formerly known as Sharps Technology—announced a highly disruptive strategic pivot: as of October 16, the company had fully liquidated its entire Solana (SOL) reserve, selling the final ~600,000 SOL tokens out of an original holding of approximately 2 million. This move transformed SkyAI from the fifth-largest treasury holder in the Solana ecosystem into a zero-SOL position entity. The proceeds are intended to fund a share and warrant repurchase program—per its announcement released Monday, SkyAI will repurchase 95% of its outstanding shares and warrants at $3.00 per share or per warrant. If fully executed and excluding expenses, the program would leave the company with roughly $22.5 million in cash on hand; its current cash balance stands at approximately $223.8 million.
The sell-off unfolded at an exceptionally rapid pace: on September 14, SkyAI publicly reaffirmed its commitment to its Solana treasury strategy and confirmed holdings exceeding 2 million SOL; by October 11—when the repurchase plan was announced—it disclosed having already sold ~1 million SOL; subsequent SEC filings revealed only ~600,000 SOL remained. This abrupt reversal has drawn sharp criticism from major shareholder Bastion Trading (holding nearly 10%), which not only declined to participate in the buyback under current terms but also called for an independent review and issued three key demands: raising the repurchase price to $3.50 per share, imposing sale restrictions on insiders, and excluding warrants held by strategic advisors from the repurchase program.
Despite having exited its SOL position entirely, SkyAI’s latest statement still describes its core business as “building a financial platform that integrates Solana-based stablecoin rails with artificial intelligence technology.” However, the announcement reveals no substantive progress on this platform nor indicates whether the company plans to rebuild its SOL reserves in the future. The company emphasized only that it intends to maintain its Nasdaq listing following completion of the buyback. Market data shows SKYA rose 4.5% intraday to $2.77—the stock is up 35% year-to-date.
The sell-off unfolded at an exceptionally rapid pace: on September 14, SkyAI publicly reaffirmed its commitment to its Solana treasury strategy and confirmed holdings exceeding 2 million SOL; by October 11—when the repurchase plan was announced—it disclosed having already sold ~1 million SOL; subsequent SEC filings revealed only ~600,000 SOL remained. This abrupt reversal has drawn sharp criticism from major shareholder Bastion Trading (holding nearly 10%), which not only declined to participate in the buyback under current terms but also called for an independent review and issued three key demands: raising the repurchase price to $3.50 per share, imposing sale restrictions on insiders, and excluding warrants held by strategic advisors from the repurchase program.
Despite having exited its SOL position entirely, SkyAI’s latest statement still describes its core business as “building a financial platform that integrates Solana-based stablecoin rails with artificial intelligence technology.” However, the announcement reveals no substantive progress on this platform nor indicates whether the company plans to rebuild its SOL reserves in the future. The company emphasized only that it intends to maintain its Nasdaq listing following completion of the buyback. Market data shows SKYA rose 4.5% intraday to $2.77—the stock is up 35% year-to-date.
