SkyAI (formerly Sharps Technology), which was still among the five largest publicly traded Solana holders in September, with reserves of more than 2 million SOL, has sold all of its tokens.
As of October 16, the company had $223.8 million in cash on its balance sheet. It plans to use up to $201 million to buy back 95% of its shares and warrants at $3 apiece. After the buyback, SkyAI will have about $22.5 million remaining, excluding expenses.
Major shareholder Bastion Trading, which owns nearly 10% of the company, demanded an independent review of the SOL sales and an increase in the buyback price to $3.50. The company also scrapped the condition that the buyback was contingent on the price of SOL remaining above $100.
Despite selling off its entire crypto reserve, SkyAI continues to say it plans to build a Solana-based financial platform combining stablecoin payments and AI. The company has not disclosed a specific timeline or any next steps.
SKYA shares rose 4% on the day.
