SkyAI, the Nasdaq-listed company formerly known as Sharps Technology, has sold its entire Solana (SOL) treasury and started a cash tender offer worth up to $201.3 million. It held about $223.8 million in cash as of Oct. 16, according to a filing with the U.S. Securities and Exchange Commission on Monday. The offer pays $3.00 per share or warrant and expires one minute after 11:59 p.m. New York time on Oct. 29, unless extended.
The company puts the price at roughly 0.95 times its net asset value, or mNAV. SkyAI shares closed Monday at $2.79, up 5.3%, according to Yahoo Finance. The stock has gained about 65% over the past month but is down about 41% over the past year.
What the offer covers
The company wants up to 48,311,489 common shares, plus three classes of warrants, in each case 95% of the class. The warrants add up to about 18.8 million by my sum. An Oct. 11 announcement cited 46.37 million shares and 20.72 million warrants, so the split changed while the roughly 67.1 million total did not.
Each class needs at least 50% of its offered securities tendered, with the two pre-funded warrant classes counted together. Warrant holders can tender without exercising first. If more than 95% of a class is tendered, SkyAI buys pro rata. The board approved the offer but made no recommendation on whether to tender.
If every share and warrant is tendered, SkyAI keeps roughly $22.5 million before costs. The company says it intends to stay on Nasdaq.
A $400 million raise, then zero SOL
The treasury plan began in August 2025 with a private placement of more than $400 million. By the end of 2025, SkyAI held about 2.08 million SOL at a cost basis of $403.1 million, or roughly $194 per token. Those holdings were valued at $250.1 million, an unrealized loss of about $153 million, according to the company's annual disclosures.
The company has changed shape quickly. Sharps made syringes before the pivot, and its 8-K shows the ticker changed from STSS to SKYA on May 28, 2026. On Sept. 14 it still said it held more than 2 million SOL, which was the fifth-largest holding among public Solana treasury companies.
SOL fell to about $62 in June and traded near $104 on Monday, per CoinGecko. That is about 46% below the average purchase price.
The sale timeline is murky. The Oct. 11 announcement disclosed about 1 million SOL sold, and a later filing put the remaining balance near 600,000. Solana Compass noted that neither the release nor the offer documents give dates, quantities, prices or proceeds for the final sales. The offer was first planned to require SOL to stay above $100. With no SOL left, SkyAI dropped that condition.
Pressure from Forward Industries and Bastion
Forward Industries has pursued SkyAI since June. Its first offer, on June 15, was 0.367 Forward shares per SKYA share, about a 20% premium or $1.55 a share, and was rejected. SkyAI's board also turned down a later proposal of 0.306 Forward shares. Forward said it held 8.5 million SOL at the end of September.
The board called the offer "a disciplined use of capital" for holders who want liquidity.
Bastion Trading, a major shareholder, is not satisfied. It wants a higher price and independent oversight. Huoxing Finance says Bastion asked for $3.50 a share, limits on insiders and the exclusion of strategic advisor warrants. The company's release does not address those demands.
Why the discount matters
Share buybacks tend to follow a drop in mNAV. mNAV ranged from 0.34 to 0.76 among six active Solana treasury companies, and that Strategy's fell below 1 in June 2026. Metaplanet announced a buyback in October 2025 to address its own mNAV decline.
SkyAI still describes its business as a financial platform that combines stablecoin rails on Solana with AI. Monday's announcement does not say whether it will rebuild a SOL treasury or give a product update.
Gunel Ismayilova
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