SkyAI has sold all of its Solana holdings and held approximately $223.8 million in cash as of October 16, the company disclosed in an SEC-filed tender offer announcement. The disposal completes a rapid reversal of the company’s digital-asset treasury strategy.
The company is offering to buy up to 95% of each class of its common stock and several warrant classes for $3.00 per security. Full participation would cost approximately $201.3 million, funded from cash on hand. The offer expires shortly after 11:59 p.m. New York time on October 29 unless extended or terminated.
Because no SOL remains in the treasury, SkyAI removed a planned condition tied to Solana’s price. The offer still requires minimum participation thresholds, including at least 50% of the shares offered and separate thresholds for warrant classes.
SkyAI says it intends to remain listed on Nasdaq and is developing a platform combining Solana stablecoin rails with artificial intelligence. The filing provides no operating evidence that this replacement strategy has reached commercial scale.
TOKEN RECON ASSESSMENT
This is a completed treasury exit, not a mark-to-market adjustment. It exposes the central risk in public-company altcoin treasuries: the token can become funding inventory for corporate restructuring when the equity vehicle trades poorly. The October 29 tender result will show how much of the company’s capital base is actually retired and how much cash remains for the promised operating pivot.
