Solana treasury firm SkyAI sells 1 million SOL, plans $201 million share buyback

Shareholders and warrant holders will notice the tender offer announcement first, because SkyAI set a $3 cash price and a target date around Oct. 15 for buying up to 95% of those securities. That also reaches anyone tracking SkyAI’s ownership structure, since the plan would take in most of the outstanding shares and warrants if it goes ahead.

In practice, SkyAI’s earlier use of its Solana holdings now sits alongside a move to spend about $201 million on the repurchase plan. The company also said it had sold roughly 1 million SOL, described as about half of its crypto reserves, while another report says the buyback is linked to selling half of the Solana treasury it built over the past year.

What remains open is how much of the offer will be taken up and how holders will respond after the announcement. One report says Bastion Trading, which holds nearly 10% of SkyAI’s equity, will stay out for now until it gets more information, but the final level of participation is not yet known.