October 12th 2026, 3:27 PM
SkyAI sells half of SOL treasury to fund $201M buyback plan
Key Summary
SkyAI, Inc. has sold approximately half of its Solana holdings to fund a $201 million buyback plan, offering holders $3.00 per security for up to 95% of outstanding common shares and warrants. The company plans to use the proceeds to buy back nearly the entire company from investors.
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Key Details of the Offer
The tender offer is set to commence around October 15, 2026, and will run for 10 business days. The company may extend it or end it early. The offer requires that Solana's closing price stays above $100 for the duration of the offer period.Background and Context
SkyAI has sold approximately 1 million Solana tokens, cutting its prior holdings of around 2 million Solana tokens in half. The company's cumulative Solana activity totals about 1.25 million Solana tokens, valued at nearly $138 million.Market Reaction and Implications
SkyAI shares jumped 24.68% in pre-market trading to approximately $2.26 after the announcement, representing a 65% premium over the October 9 close. The buyback is not the only news out of SkyAI's boardroom, as the company also rejected a non-binding acquisition proposal from Forward Industries.Shift in SkyAI's Identity
The company is pivoting away from being mainly a crypto treasury firm and toward becoming an AI-driven financial services provider. Selling half the SOL stack and shrinking the share count are two sides of that same pivot.#Solana#US#Crypto#M