SkyAI Sells All Solana, Opens $201M Share Buyback

SkyAI’s Solana reserve falls from 2 million to zero

On September 14, SkyAI reaffirmed its strategy and said it held more than two million SOL, nearly all staked with institutional validators. Its independent special committee had rejected Forward Industries’ unsolicited all-stock acquisition proposal as contrary to shareholders’ interests.

That statement presented token holdings and staking income as part of the company’s standalone case. The October exit therefore changes the assets backing that case, even though SkyAI continues to describe plans for a financial platform using Solana stablecoin infrastructure and artificial intelligence.

The earlier balance sheet shows the scale of the exposure. SkyAI’s 2025 financial statement note listed 2,077,799 SOL at a $403.1 million cost basis and $250.1 million fair value at year-end. It recorded approximately $153 million in unrealized losses, with about 98% of the reserve staked.

Those historical accounting figures are not the final realized loss on the October liquidation. A sale-by-sale reconciliation would be needed to establish that result, including changes in holdings, staking rewards, fees and other transactions during 2026.

In an October 14 update, SkyAI reported $204.6 million in cash and about 210,000 locked SOL remaining. It said recent sales of liquid and locked tokens averaged $107.51 per SOL after fees through BitGo, Anchorage and Coinbase.

That price applies to the recent transactions described in that update. It should not be used as an average for every token sold or as a disclosed execution price for the final batch.

The subsequent tender document dates completion of the entire SOL sale to October 15. For the token market, the distinction is concrete: this disclosure confirms an exhausted corporate reserve rather than merely identifying coins transferred to an exchange.

SkyAI’s $201M tender replaces the SOL-price condition

The Schedule TO filed October 16 covers up to 48,311,489 common shares, 4,880,734 cash pre-funded warrants, 9,939,850 cryptocurrency pre-funded warrants and 3,955,293 strategic warrants.

Shares receive $3 each. Eligible warrants receive that amount less their $0.0001 exercise price, before applicable withholding. A warrant is a right to purchase shares; these eligible instruments can be tendered directly without first exercising them into common stock.

SkyAI’s announcement values the full repurchase at approximately $201.3 million, about 90% of its reported cash. Subtracting that amount from $223.8 million leaves roughly $22.5 million before transaction expenses and any other cash movements. That is a calculation, not a forecast of its closing balance sheet.

Selling all SOL removed the planned condition linking the tender to the token’s price. It did not remove the participation thresholds: common shares and strategic warrants have separate minimum tests, while the two pre-funded warrant classes are tested together.

The common-share and strategic-warrant tests each require at least half the securities offered for tender in that group. The two pre-funded classes must meet their combined 50% test. Purchases in one group are not dependent on minimum participation in the others, so the tender is not a single all-or-nothing vote across all holders.

SkyAI describes the price as approximately 0.95 times net asset value. Its calculation multiplies the $3 price by roughly 70.6 million shares and eligible warrants, then divides by reported net cash. It is a valuation of that combined security base against cash, rather than a separate quotation for SOL or a guarantee of future shareholder returns.

That distinction also separates the announced transaction size from the company’s stock-market value. The tender amount represents cash that could leave the business if holders participate up to the stated limits; it is not fresh financing for either SkyAI or the Solana network.

The change shifts the immediate execution question from cryptocurrency pricing toward how many securities holders submit. As with Strategy’s Bitcoin sales to increase its cash reserve, converting tokens into dollars changes the source of funding; it does not establish that every planned use of cash has occurred.

Bastion dispute puts SkyAI’s October 29 deadline in focus

Bastion Trading’s October 14 statement said it and affiliates owned approximately 9.99% of SkyAI’s common stock. The shareholder sought at least $3.50 per share or eligible warrant, an independent review of SOL sales and changes to board oversight.

It also opposed strategic-adviser warrant participation and sought restrictions on insider tendering. These are the investor’s objections, rather than findings by a court or regulator. Removing the SOL-price condition addresses one requested change but does not resolve the pricing dispute.

The Offer to Purchase identifies another consequence: directors and executives could collectively hold approximately 47.8% of outstanding shares if all four classes are fully subscribed and they do not tender. That is a conditional scenario, not their current ownership or a confirmed outcome.

Repurchasing other holders’ shares increases the percentage owned by investors who remain. It also leaves those investors exposed to a smaller cash pool and the execution of the company’s planned platform, rather than an existing SOL reserve.

Alternative.me’s broad crypto sentiment index read 55, or Greed, versus 59 the previous day. It does not measure SKYA shareholder intentions.

The stated expiration is one minute after 11:59 p.m. New York City time on October 29, unless extended or terminated. Brokers may impose earlier administrative deadlines. Final participation, any amended terms and the resulting ownership and cash position remain the next disclosures to watch.