SkyAI exits Solana treasury strategy to fund $201M buyback – Here’s why

Blockchain-native AI infrastructure project SkyAI has sold its entire Solana [SOL] digital asset treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants.

The sudden U-turn in its DAT strategy caught investors’ attention, as it was one of the largest publicly traded Solana treasury companies. The company held $223.8 million as of the 16th of October, after liquidating its SOL holdings, according to a U.S. Securities and Exchange Commission filing.

The tender offer expires on the 29th of October 2026. The offer allows shareholders and warrant holders to directly sell their securities back to SkyAI at a fixed price of $3.

It covers 95% of each class of the company’s outstanding shares and warrants, and will be paid for directly from the cash at hand with the company. The purchase price represents an approximately 0.95x multiple of their net asset value (mNAV).

Moreover, if fully subscribed, the offer will cost $201.3 million, excluding related fees and expenses.

SkyAI turns its back on Solana DAT after a year

The company launched its Solana digital asset treasury strategy in August 2025, after raising over $400 million in private placement. A month later, SkyAI had bought over 2 million SOL.

By the end of 2025, the company held 2.08 million tokens purchased for $403.1 million. The rough cost basis per coin came to $194. SkyAI’s annual filing showed their holdings were worth just $250 million, an approximate $153 million in unrealized losses.

By February 2026, publicly traded Solana treasury companies collectively faced $1.5 billion in unrealized losses. The falling SOL prices strained share holdings and their DAT holdings.

Bastion Trading, an investment firm that holds nearly 10% of SkyAI, has reportedly called for an independent review. However, it said it would not participate in the buyback, as it was seeking a higher share price of $3.50. Additionally, the company called for limits on insider participation and the exclusion of strategic advisor warrants.

What next for SkyAI and other SOL DAT companies

The SkyAI exit only highlights the massive unrealized loss burden that digital asset treasuries with SOL are facing. The drawdown from the approximate $194 cost basis per SOL has forced SkyAI to prioritize a capital return.

This does not necessarily mean other companies have to follow suit.

SkyAI has described its business as building a financial platform that combines stablecoin rails on Solana with AI. It has not committed to rebuilding its SOL chest, and plans to remain listed on Nasdaq after the buybacks are completed.

Final Summary

• SkyAI emptied its SOL digital treasury asset. With $223.1 million in cash on hand, it commenced its cash tender offer to buy back common stock and warrants at $3.00 apiece.
• Notably, the DAT strategy began in August 2025 but was dropped because of heavy unrealized losses. The company chose a return to capital over a takeover proposal from Forward Industries.