Blockchain-native AI infrastructure venture SkyAI has bought its total Solana [SOL] digital asset treasury and launched a young provide to repurchase up to $201.3 million in shares and warrants.
The sudden U-flip in its DAT strategy caught buyers’ consideration, because it was one of many largest publicly traded Solana treasury corporations. The firm held $223.8 million as of the sixteenth of October, after liquidating its SOL holdings, in accordance to a U.S. Securities and Exchange Commission submitting.
The tender provide expires on the twenty ninth of October 2026. The provide permits shareholders and warrant holders to instantly promote their securities again to SkyAI at a hard and fast worth of $3.
It covers 95% of every class of the corporate’s excellent shares and warrants, and will likely be paid for instantly from the money at hand with the corporate. The buy worth represents an roughly 0.95x a number of of their web asset worth (mNAV).
Moreover, if absolutely subscribed, the provide will value $201.3 million, excluding associated charges and bills.
SkyAI turns its again on Solana DAT after a yr
The firm launched its Solana digital asset treasury strategy in August 2025, after elevating over $400 million in non-public placement. A month later, SkyAI had purchased over 2 million SOL.
By the tip of 2025, the corporate held 2.08 million tokens bought for $403.1 million. The tough value foundation per coin got here to $194. SkyAI’s annual submitting confirmed their holdings had been price simply $250 million, an approximate $153 million in unrealized losses.
By February 2026, publicly traded Solana treasury corporations collectively confronted $1.5 billion in unrealized losses. The falling SOL costs strained share holdings and their DAT holdings.
Bastion Trading, an funding agency that holds practically 10% of SkyAI, has reportedly known as for an unbiased overview. However, it mentioned it might not take part within the buyback, because it was searching for the next share worth of $3.50. Additionally, the corporate known as for limits on insider participation and the exclusion of strategic advisor warrants.
What subsequent for SkyAI and different SOL DAT corporations
The SkyAI exit solely highlights the huge unrealized loss burden that digital asset treasuries with SOL are going through. The drawdown from the approximate $194 value foundation per SOL has compelled SkyAI to prioritize a capital return.
This doesn’t essentially imply different corporations have to observe swimsuit.
SkyAI has described its enterprise as constructing a monetary platform that mixes stablecoin rails on Solana with AI. It has not dedicated to rebuilding its SOL chest, and plans to stay listed on Nasdaq after the buybacks are accomplished.
Final Summary
- SkyAI emptied its SOL digital treasury asset. With $223.1 million in money available, it commenced its money tender provide to purchase again frequent inventory and warrants at $3.00 apiece.
- Notably, the DAT strategy started in August 2025 however was dropped due to heavy unrealized losses. The firm selected a return to capital over a takeover proposal from Forward Industries.
