SkyAI sells SOL, offloading approximately 1 million tokens. That equals half of its cryptocurrency reserves. Meanwhile, the company prepares a cash tender offer worth up to $201 million.
The Nasdaq-listed firm plans to repurchase most of its outstanding shares and warrants. According to an October 11 announcement, it will use existing cash and Solana sale proceeds.
Why SkyAI sells SOL matters
SkyAI trades under the ticker SKYA. The company confirmed it recently sold roughly 1 million SOL. It still held approximately 1 million tokens when announcing the plan. SkyAI said it monitors Solana’s market price. Therefore, it could sell more tokens depending on conditions.
Blockchain analysts track further SOL movements
Blockchain analyst Ember reported on October 12. Another 211,623 SOL moved from a SkyAI-linked wallet to Coinbase Prime. Ember estimated approximately 1.25 million SOL, worth $138 million, sold or moved toward exchanges over five days. However, the latest transfer does not independently establish that the tokens were sold.
The activity follows earlier transactions. On October 10, Ember reported that SkyAI wallets transferred 468,000 SOL within 24 hours. That was valued at approximately $51.1 million. Of that amount, 218,000 SOL went to centralized exchanges. Another 250,000 SOL went to BitGo, an institutional custodian.
On the same day, Lookonchain identified 568,000 SOL moving to exchanges over three days. That was worth approximately $63.87 million. Lookonchain estimated SkyAI acquired its SOL at an average price of around $194 per token. Based on market value, selling 568,000 SOL could result in losses of approximately $46 million. That estimate was conditional on the tokens being sold. It did not represent a company-confirmed realized loss.
SkyAI previously disclosed holdings exceeding 2 million SOL in September. The recent transactions reduced its reported treasury balance.
SkyAI plans to repurchase 95% of shares and warrants
The proposed tender offer is expected to begin around October 15. It will remain open for 10 business days unless extended or terminated earlier.
The offer covers up to 46.37 million common shares. It also covers approximately 20.72 million securities. These include cash pre-funded warrants and cryptocurrency pre-funded warrants. Strategic advisor warrants are also included.
At $3 per security, the maximum purchase price would reach approximately $201 million. SkyAI said the proposed price represents a 65% premium to its October 9 closing share price. It is also more than double its 60-day volume-weighted average trading price.
The company intends to finance the repurchases without additional borrowing. Its board said the combined value of available cash and digital assets exceeds the maximum amount required.
Completion depends on several conditions. At least 50% of each eligible securities class must be tendered and not withdrawn. Solana’s closing price must remain above $100 throughout the offer period. SkyAI reserved the right to waive certain conditions. The tender offer must not cause SkyAI to lose its Nasdaq listing.
Shareholders and warrant holders will receive instructions in formal materials. SkyAI expects to file these with the U.S. Securities and Exchange Commission by October 15. If participation exceeds the 95% purchase limit for any class, the company expects to accept securities proportionally.
SkyAI has suspended purchases under its existing share repurchase program. It will not resume separate repurchases until at least 10 business days after the tender offer expires.
SkyAI rejects Forward Industries’ acquisition proposal
The planned buyback follows SkyAI’s decision to reject another proposal. Fellow Solana treasury company Forward Industries made an unsolicited acquisition offer. Under the latest proposal, Forward offered 0.306 shares of its common stock for each SkyAI share.
SkyAI said its special committee reviewed the proposed exchange ratio. It also reviewed the value and timing of consideration. Its financial position and standalone business prospects were also examined.
After the review, the committee unanimously recommended rejecting the transaction. The full board agreed. They concluded that Forward’s proposal undervalued SkyAI. It was not in shareholders’ best interests.
Forward has pursued a different approach to managing its Solana reserves. In July, the company reported buying more than 500,000 SOL during its fiscal third quarter. That took its holdings to 7.55 million tokens as of June 30. The company disclosed an average purchase price of approximately $79 for those acquisitions.
Forward subsequently completed a $25 million registered direct offering in September. That offering supported its Solana treasury strategy.
Other publicly traded Solana holders have reported losses. Upexi disclosed a $109.3 million fiscal third-quarter net loss in May. That included a $92.3 million unrealized loss on its digital assets.
SkyAI said shareholders whose ownership exceeds 15% solely because of tender offer purchases would not trigger its shareholder rights plan. Any subsequent acquisition after the offer expires would trigger the plan.
Following the proposed transaction, SkyAI intends to continue developing its AI financial platform. That platform was outlined in its May 2026 strategic transformation announcement.