SkyAI, the Nasdaq-listed company formerly called Sharps Technology, said on Monday that it has sold all of its Solana. The Block reported it on 19 October.
As of 14 September it held more than 2 million SOL and ranked fifth among listed Solana treasury companies, having reaffirmed that strategy that day. An 11 October buyback announcement disclosed sales of about 1 million SOL, and a later SEC filing put the remainder near 600,000. It now holds none.
Cash stood at about $223.8 million on 16 October. SkyAI is offering $3 per share or warrant to buy back 95 percent of the company, up to 67.1 million shares and warrants. If fully taken up, about $22.5 million would remain before costs.
Bastion Trading, which owns nearly 10 percent, has called for an independent review of the SOL sales and says it will not take part. It wanted $3.50 per share, limits on insiders and the exclusion of strategic adviser warrants.
SkyAI dropped a condition that SOL stay above $100, since it no longer owns any. Its shares rose 4.5 percent on the day to $2.77, up 35 percent this year. The company still describes itself as building a financial platform that combines stablecoin rails on Solana with AI, and says it will stay on Nasdaq after the buyback.
Left unanswered is what that platform is, who would run it on $22.5 million, and whether the treasury will ever be rebuilt. SkyAI had not replied to The Block’s request for comment.
