SkyAI Commences $201.3 Million Cash Tender Offer
SkyAI has commenced a cash tender offer to buy back its common stock and warrants at $3.00 apiece. The offer covers 95% of each class of the company’s outstanding shares and warrants and will be paid directly from cash on hand. If fully subscribed, the transaction will cost $201.3 million, excluding related fees and expenses, against $223.1 million in cash available to SkyAI. The $3.00 purchase price represents an approximately 0.95x multiple of the company’s net asset value, or mNAV.
Solana Treasury Exit Follows Heavy Token Losses
SkyAI launched its Solana digital asset treasury strategy in August 2025 after raising more than $400 million in a private placement. It acquired over 2 million $SOL one month later. By the end of 2025, the company held 2.08 million tokens purchased for $403.1 million, producing a rough cost basis of about $194 per coin. SkyAI’s annual filing valued those holdings at just $250 million, representing an unrealized loss of approximately $153 million.
The decline in the value of SkyAI’s token position coincided with wider losses across the Solana treasury sector. By February 2026, publicly traded Solana digital asset treasury companies collectively faced $1.5 billion in unrealized losses. Falling $SOL prices placed pressure on both their shareholdings and their digital assets. Against that backdrop, SkyAI chose to prioritize a return of capital through share and warrant repurchases.
Bastion Trading Requests an Independent Review
Bastion Trading, an investment firm holding nearly 10% of SkyAI, has reportedly called for an independent review of the tender offer. Bastion said it would not participate in the buyback because it is seeking a higher share price of $3.50. The firm also called for limits on insider participation and the exclusion of strategic advisor warrants. Its requests focus attention on the terms under which insiders and other warrant holders may accept the offer.
SkyAI Shifts Toward Capital Returns and Its AI Platform
SkyAI has described its business as a financial platform combining stablecoin rails on Solana with artificial intelligence. Following its withdrawal from the Solana treasury strategy, the company has not committed to rebuilding its $SOL holdings. It also plans to remain listed on Nasdaq after the buybacks are completed. SkyAI’s decision to return capital came instead of pursuing a takeover proposal from Forward Industries, marking a significant change in the company’s approach to its digital asset strategy.
Why This Matters
SkyAI’s retreat highlights the substantial unrealized-loss burden facing Solana digital asset treasury companies. The decline from its approximate $194 cost basis per $SOL helped drive the company toward a capital return rather than continued exposure to the token. The move does not necessarily mean other Solana treasury companies must follow the same path, but it places renewed focus on the scale of their holdings, the losses generated by falling token prices and the terms of any capital return.
Several immediate questions remain around SkyAI’s tender offer, including whether it receives broad participation, how the requested independent review proceeds and whether the repurchases are completed on the stated terms. SkyAI’s intention to remain on Nasdaq and its lack of commitment to restore its $SOL position will also shape how investors evaluate the company following the strategy shift.
Frequently Asked Questions
How much will SkyAI’s tender offer cost?
The offer will cost up to $201.3 million if fully subscribed, excluding related fees and expenses. It is funded directly from SkyAI’s $223.1 million in cash on hand and covers 95% of each class of outstanding common stock and warrants at $3.00 apiece.
Why did SkyAI abandon its Solana digital asset treasury strategy?
SkyAI’s 2.08 million $SOL tokens were purchased for $403.1 million but were valued at $250 million in its annual filing, creating an unrealized loss of approximately $153 million. Wider losses across publicly traded Solana treasury companies prompted SkyAI to prioritize returning capital, and it has not committed to rebuilding its token holdings.
Will SkyAI remain listed on Nasdaq?
SkyAI plans to remain listed on Nasdaq after the buybacks are completed. Meanwhile, Bastion Trading has said it will not participate in the offer, is seeking a $3.50 share price, and has called for an independent review, limits on insider participation and the exclusion of strategic advisor warrants.
