SkyAI Sells Entire Solana Treasury, Launches $201 Million Tender

SkyAI began life as a medical device maker before pivoting this year into one of the largest publicly traded Solana treasury companies, part of a wave of firms copying Strategy's bitcoin playbook by raising capital to hold crypto on the balance sheet. It had accumulated roughly two million SOL. That strategy is now fully reversed: the company has liquidated every token and converted the position into cash.

Shareholders and warrant holders can tender at $3 apiece through Oct. 29, with a full take-up costing SkyAI up to $201.3 million against $223.8 million in cash. Bastion Trading pushed for a higher price given that cash cushion, but SkyAI held the line and instead dropped the offer's SOL-price contingency, removing the uncertainty tied to token volatility. Investors must now decide whether to accept $3 or hold stock in a company with no crypto exposure left.

The reversal tests the digital-asset-treasury model itself: vehicles built to let public-market investors gain crypto exposure through a stock are unwinding when that exposure turns costly, leaving boards to decide unilaterally what the remaining cash is worth per share. A buyback priced by management against a dissenting investor's objection raises a fairness question for any shareholder who bought in on the treasury thesis rather than the company's original business. (per crypto-economy.com)

The tender offer's Oct. 29 expiry is the date that settles take-up: a high acceptance rate confirms shareholders prefer cash now at $3, while a weak response would leave Bastion Trading's price objection unresolved and could invite further pressure on the board. Either outcome closes the Solana chapter of SkyAI's history and leaves the company as a cash shell searching for its next purpose.

The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.