Author: Shenchao TechFlow
On October 19, 2026, Nasdaq-listed company SkyAI officially announced a strategic shift, having fully liquidated its Solana (SOL) reserves and completely exited the category of cryptocurrency asset holdings.
According to officially disclosed data, as of October 16, the company’s cash reserves on hand amounted to $223.8 million, and the team plans to tender an offer to repurchase up to 95% of the publicly traded outstanding shares at a price of $3 per share or per warrant.
Major strategic reversal and $200 million sudden cash-out within a month
This medical technology company, formerly known as Sharps Technology, had previously made a high-profile announcement of its transformation into the fifth-largest Solana treasury globally. However, its sell-off appears extremely sudden and decisive.
On September 14, company management publicly reaffirmed its Solana treasury strategy and disclosed that its holdings exceeded 2 million SOL. Yet within just a few weeks, these positions were gradually liquidated on the open market.
With the underlying crypto asset fully worthless, management has directly abolished the prior repurchase condition requiring SOL to remain above $100, fully transitioning to cash reserves for the tender offer.
Major shareholders publicly protest and demand an independent review
This sudden, unannounced rapid liquidation ignited anger among core shareholders. Bastion Trading, a major shareholder holding nearly 10% of SkyAI, publicly protested and clearly rejected the proposed terms.
Bastion Trading urges the board to establish a special committee to initiate an independent investigation and requests management to increase the tender offer price to $3.50 per share, while strictly limiting insider participation and stripping strategic advisors of their profit warrants.
As a key investor that previously provided hundreds of millions of dollars in funding to the company, Bastion’s public reversal has cast the shell company, which is attempting to reduce its share count through buybacks, into serious jeopardy over fiduciary duty litigation.
Speculative crypto treasury retreats and the battle with capital shells
SkyAI's aggressive liquidation has shattered the fragile narrative of traditional U.S. micro-cap companies leveraging crypto asset premiums for capital maneuvers. The strategy of hoarding coins to inflate stock prices before selling them to repurchase shares is now facing strong backlash from capital markets.
Despite clearing all crypto assets, SkyAI still claims in its announcement that it will build a financial platform combining Solana stablecoins with AI, but the company has provided no substantive development progress, retaining only its Nasdaq listing status.
In the absence of real business cash flow and sustained capital injection, a speculative treasury model disconnected from the on-chain ecosystem ultimately devolves into a清算博弈 between management and external shareholders over remaining cash.