Investors Paid $6.50 a Unit to Build a Solana Treasury. The Company Just Sold Every SOL and Is Offering $3 to Buy Them Out

In August 2025, Sharps Technology raised more than $400 million at $6.50 a unit to buy SOL. The pitch was simple: a Nasdaq stock that holds Solana.

Fourteen months later, the company is called SkyAI. It holds zero SOL. And it’s offering $3.00 a share to buy back 95% of its own stock.

If every holder says yes, about $201.3 million goes back to them, and the company keeps roughly $22.5 million before costs.

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What Happened

On October 19, 2026, SkyAI (Nasdaq: SKYA) said it had about $223.8 million in cash as of October 16 and that it “has completed the sale of all of its SOL,” according to its SEC filing.

The tender offer, filed with the SEC on October 16, looks like this:

• Price: $3.00 cash per share or warrant, which SkyAI calls “an approximately 0.95x multiple of our net asset value”
• Size: up to 67,087,366 securities: 48.3 million common shares plus three kinds of warrants, 95% of each class
• Total cost: about $201.3 million if fully subscribed
• Condition: at least 50% of each class has to be tendered
• Deadline: one minute after 11:59 p.m. New York time on October 29, 2026

SkyAI says it plans to stay listed on Nasdaq afterwards. It still describes its business as building “a financial platform that will combine stablecoin rails on Solana with AI.” What that platform will look like with ~$22.5 million and no SOL hasn’t been explained.

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How the SOL Disappeared

The selling happened fast, and the public numbers don’t line up neatly:

Date	What SkyAI disclosed
Sept 14	More than 2 million SOL, about $207M at the time (per The Block)
Oct 11	Sold “approximately 1M Solana tokens,” still holds “approximately 1M”
Oct 13	”Retains approximately 600,000 SOL” (SEC 8-K)
Oct 19	Sold all of it

That’s about 400,000 SOL gone between two filings two days apart, and the rest gone within a week. The filings don’t give sale dates, prices or proceeds. The Block pointed out the gap, and SkyAI didn’t respond to its request for comment.

The October 11 version of the offer had a safety condition: SOL had to stay above $100 during the offer period. That’s gone now. SkyAI says the offer is “not conditioned on the price of SOL” because the company “no longer holds any SOL.”

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The Shareholder Who Wants Receipts

Bastion Trading, which owns nearly 10% of SkyAI and was one of the investors in the original 2025 raise, isn’t happy. According to The Block, Bastion:

• called the sales a “fundamental departure” from the treasury strategy investors signed up for
• wants the dates, quantities, prices and proceeds of every SOL sale disclosed
• wants an independent review and a reconstituted board
• wants at least $3.50 a share, insider restrictions, and strategic-advisor warrants excluded from the offer
• says it won’t tender on the current terms

SkyAI has also turned down an all-stock takeover proposal from Forward Industries, another Solana treasury company, at 0.306 FWDI shares per SkyAI share. The board said the offer undervalued the company.

Nobody has alleged wrongdoing. But a company that sold everything it was built to hold, without saying at what prices, and then offered to buy out almost everyone below NAV, is going to get questions.

SKYA was trading at $2.77 on Monday, up 4.5% on the day, per The Block.

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Why This Matters for Crypto Jobs

The DAT trade is unwinding, and the roles it created are going with it. In 2025, the digital-asset-treasury wave hired for treasury management, investor relations, capital markets and comms at dozens of “we hold token X” public companies. A company that has sold its token and returned 95% of its equity doesn’t need much of that team. If your résumé is built on one DAT, start building the next chapter now.

Treasury experience still counts, but how you ran it matters most. Bastion is asking for sale dates, prices and proceeds, which is exactly what a good treasury function should already be logging. People who can show disciplined execution, clean disclosure and real risk controls will be fine. “We bought and held” isn’t a skill set.

The same day pointed to where hiring is going instead. On October 19, JPMorgan put its JPM Coin deposit token on Ethereum mainnet, Mastercard launched a stablecoin fraud and sanctions screening tool, and Mesh partnered with Visa on crypto spending. The money is moving toward stablecoin rails, payments and compliance infrastructure, not public shells holding a single token.

Tender offers and proxy fights mean legal and IR work. In the short term, activist holders, SEC filings and takeover bids keep securities lawyers, IR specialists and governance advisors busy. That work spikes and then disappears.

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The Bottom Line

SkyAI raised $400 million-plus to be a Solana stock. It sold the Solana, kept the cash, and is offering to hand back about $201 million at $3 a share, less than half the $6.50 unit price from 2025. Its biggest outside holder wants to see the sale records first.

The offer closes October 29. Then we’ll find out how many holders take the $3.

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