SkyAI has disposed of its entire Solana treasury and launched a cash tender offer worth $201.3 million, according to wire reports reviewed by FXMARE. The company has converted every SOL token it held into cash, leaving no position in the asset.
Following the sales, SkyAI reports cash holdings of $223.8 million. The company is using a large part of that balance to fund the repurchase program, which is priced at $3 for each share or warrant tendered. Including warrants in the offer means holders of either instrument are eligible to participate at the same price.
The buyback is described in the coverage as running through Oct. 29, which sets the window in which holders can respond. The headline size of the program is $201.3 million, and one report rounds this to $201 million. Both figures refer to the same offer.
The move reverses the strategy implied by holding a crypto asset on the balance sheet. Treasury holdings of tokens such as SOL expose a company's finances to price swings in the underlying asset, whereas a cash position does not. By selling all of its SOL before starting the tender, SkyAI has turned the treasury into cash that can be used to buy back its own securities.
The material reviewed does not give details on the prices at which the SOL was sold, the size of the Solana position before liquidation, or the reasoning management has offered for the shift. It also does not state how many shares or warrants are outstanding, so the portion of the company the offer could retire is not clear from the available reporting.
For crypto markets, the story is an example of a company holding a token on its balance sheet and then fully exiting that position. Further details on participation in the tender and the final outcome will depend on company disclosures as the Oct. 29 end date approaches.