Solana Treasury Companies: SkyAI Sells Half Its SOL

Solana treasury companies are listed firms that hold SOL on their balance sheet as a core asset, and one of them has just reversed course. SkyAI (Nasdaq: SKYA) said on 11 October that it sold roughly 1 million SOL, about half its reserves, and plans a cash tender offer of up to $201 million for its own shares and warrants. The move matters because it tests whether the treasury-company model works when the stock and the token move in different directions.

What did SkyAI announce?

According to Crypto Briefing and crypto.news, both citing the company's announcement, SkyAI confirmed the following:

It sold about 1 million SOL and still holds roughly 1 million SOL. It said it may sell more depending on market conditions.
It intends to offer $3.00 in cash per security, a 65% premium to the 9 October close and more than double the 60-day volume-weighted average price.
The offer covers up to 95% of common shares (about 46.37 million) and about 20.72 million warrants across three classes, for a maximum of about $201 million.
The offer is expected to start around 15 October and stay open for 10 business days, unless extended or terminated.
Funding comes from existing cash and SOL sale proceeds, with no new borrowing.

Separately, on-chain analyst Ember tracked a further 211,623 SOL moving to Coinbase Prime on 12 October, bringing total outflows to about 1.25 million SOL, or roughly $138 million, over five days, as reported by Bitcoin.com. A wallet transfer alone does not prove a sale, so that figure is an estimate.

What conditions apply to the tender offer?

The offer is not unconditional. Reported conditions include:

At least 50% of each eligible class must be tendered and not withdrawn.
SOL must close above $100 throughout the offer period.
No loss of Nasdaq listing and no SEC deregistration.
No material market disruption.

SkyAI may waive some conditions. If a class is oversubscribed, tenders are accepted proportionally, and holders can withdraw until expiry. Existing buybacks are suspended until at least 10 business days after the offer ends. The company is expected to file full offer documents with the SEC by 15 October, and those filings, not press coverage, will be the authoritative terms.

Why are Solana treasury companies selling the token?

The model behind most Solana treasury companies is simple: raise capital, buy SOL, and let investors hold the token through an equity wrapper. That works while the shares trade at or above the value of the holdings. When shares trade below that value, a discount appears, and management has a choice. It can keep holding, or it can sell tokens and use the cash to buy back stock at a discount, which shrinks the share count and raises the token backing per remaining share.

SkyAI's plan is a version of the second path. Reports also describe a pivot away from being mainly a treasury vehicle and toward an AI-driven financial services business, announced in May 2026. A tender at a premium also fits with the board's rejection of an unsolicited stock-for-stock proposal from Forward Industries, which offered 0.306 of its shares per SkyAI share. A special committee of independent directors recommended rejection, concluding the offer undervalued SkyAI.

The cost side is real. Lookonchain estimated an average SOL cost of about $194, which would imply a sizeable loss on the tokens sold. That is an analyst estimate, not a company figure. Reports put SOL near $108 on 12 October.

How do other Solana treasury companies compare?

Forward Industries is the largest name in the group. Crypto.news reports that it held 7.55 million SOL as of 30 June and completed a $25 million offering in September, so it is still adding rather than selling. Solana Company (Nasdaq: HSDT) announced a $15 million registered direct offering priced at a 5% premium to net asset value, with proceeds earmarked for share buybacks and possible SOL purchases, according to Stock Titan.

The group is therefore not moving in one direction. Some firms are selling tokens to return capital, while others still raise money to buy. Readers comparing these companies should look at the same few measures:

Token holdings per share, and how that has changed over time.
The share price relative to the value of holdings (often called mNAV).
Whether the company has debt, lock-ups or other obligations tied to the tokens.
What the business does besides holding SOL.

Why does this matter beyond Solana?

Treasury companies are a form of tokenised exposure sold as equity, and their structure raises the same questions as other wrappers: who controls the assets, what happens at a discount, and how disclosure works. For the wider rule-making backdrop, see our review of what the failed CLARITY Act vote means for agencies. For a different meaning of the word treasury, where companies use stablecoins for cash management rather than holding volatile tokens, see our piece on stablecoin liquidity and corporate treasurers. Governance and disclosure standards for listed crypto vehicles are covered in our digital asset compliance playbook.

Large token sales also carry market risk. Exchange deposits from a single holder can add selling pressure to a thin market, and the offer's SOL price floor means the outcome partly depends on the token itself.

What to watch

The tender documents filed with the SEC around 15 October, including final terms and any changes.
Whether SOL holds above the $100 closing condition during the offer period, and whether SkyAI waives it.
Participation levels against the 50% minimum for each class.
Any further SOL transfers, which on-chain trackers can see, and any additional company disclosure.
Whether Forward Industries or another party returns with a revised proposal.
Whether other Solana treasury companies with discounted shares announce buybacks or token sales.

Each of these is an observation point rather than a forecast. Outcomes can differ from the reported plans, and the tender offer may be amended, extended or terminated.

Sources

This article is for informational purposes only and does not constitute financial, investment, legal or tax advice, or an offer or solicitation to buy or sell any asset or fund interest. Digital assets are highly volatile and you may lose some or all of your capital. Past performance is not indicative of future results.

Solana Treasury Companies Under Pressure: SkyAI Sells Half Its SOL for a $201M Tender