SkyAI Liquidates Solana Holdings to Fund $201 Million Buyback

The company, which trades under the ticker SKYA, confirmed the divestment following a series of significant wallet movements tracked by blockchain analysts. Data from Ember suggests that approximately 1.25 million SOL—valued at roughly $138 million—has been moved toward trading venues over the past five days. While the firm maintains it holds approximately 1 million tokens remaining in its treasury, management has signaled that further sales remain a possibility depending on market conditions.

The tender offer, slated to commence around October 15, represents a 65% premium over the share price recorded on October 9. To ensure the buyback proceeds, the company has set specific conditions, including a requirement that Solana’s market price remains above $100 throughout the 10-day offer period. The board stated that the initiative is designed to return value to shareholders without the need for additional debt.

This strategic pivot coincides with the company's formal rejection of an unsolicited acquisition bid from Forward Industries. SkyAI’s board concluded that the proposal significantly undervalued the firm. Unlike SkyAI, Forward Industries has recently expanded its Solana position, reporting holdings of 7.55 million tokens as of mid-year. SkyAI now aims to focus on its standalone business prospects, specifically the development of an AI-driven financial platform announced earlier this year.