SkyAI Files to Fund $201 Million Buyback With Solana (SOL) Treasury Sales

SkyAI Commits to a $3-a-Share Buyback

SkyAI, the Nasdaq-listed company formerly known as Sharps Technology, has committed to a tender offer that would repurchase its own securities at $3 per share and pay for it largely out of its Solana (SOL) treasury. Its filing with the US Securities and Exchange Commission, dated October 13, states that roughly 80% of the money the offer requires is already in place and that the treasury holds about 600,000 SOL. On October 11 the company had announced a balance of about 1 million SOL, saying it had sold roughly 1 million coins, about half of its holdings, ahead of the offer. The October 13 filing cuts that balance to about 600,000 SOL, a reduction of some 400,000 coins that neither disclosure explains, because neither itemizes trades by day. That gap matters for anyone tracking the offer, since the proceeds of every coin sold are its declared funding source. The altcoin treasury companies that listed on Nasdaq this cycle have mostly accumulated; SkyAI is running the play in reverse, converting a coin reserve into a fixed shareholder payout, and the week's two disclosures show that conversion running ahead of schedule. The Solana (SOL) price sits at $107.38 in our live reading, about 1% lower over 24 hours, still well above the $100 level around which the offer's conditions are written. The coin has spent the session trading sideways, holding a narrow range while derivatives positioning stayed calm. The offer carries a total payout cap of about $201 million, and SkyAI plans to fund it from cash on hand plus the proceeds of these sales, which makes the coin stack itself the program's working capital. The filings do not name the buyers or the prices realized on each sale, so the exact proceeds feeding the buyback remain unconfirmed.

Our composite support and resistance levels frame what the $100 condition means at current prices. Solana (SOL) trades at $107.38, and the strongest support on the board sits at $105.58, scored 99 out of 100, under 2% below spot; the nearest strong resistance stands at $110.96, scored 87/100. A daily close below $105.58 would put the $100 floor within reach, and a slide through it would catch leveraged longs on the wrong side of a liquidation cascade. Positioning gives no early warning: funding is a neutral 0.0071%, the long/short account ratio reads 2.56, and 24-hour trading volume of $2.35 billion shows the coin repricing without stress.

95% Per Class and a Rejected Bid

The structure of the offer is broad. It targets up to 95% of each designated class of SkyAI securities, common stock alongside a series of warrants, ordinary Nasdaq-listed instruments rather than tokenized stock, with the aggregate payment capped at about $201 million. Any class tendered above the 95% threshold faces proration, meaning some shareholders who apply could still end up keeping part of their position. The filing sets out two assumed conditions: the closing price of Solana (SOL) staying above $100 for the entire offer period, and participation of at least 50% in every class. SkyAI reserves the right to waive either condition, and it attaches no financing condition, because the market value of its cash and digital assets already exceeds the cap. The $201 million figure is a ceiling, not a commitment: if participation falls short or the price condition fails, the offer can shrink or lapse. On control, the board's posture is settled for now: it rejected the latest acquisition proposal from Forward Industries, a legally non-binding bid, on the stated ground that the proposal undervalued the company. SkyAI has sold into its own treasury before: in the first half of 2026 it moved 135,399 SOL to cover operating costs. The tender offer is expected to open on or around October 15 and run for roughly 10 business days, but the October 13 filing warns explicitly that it may never commence. That warning is unusual for a program the company publicized with its October 11 disclosure, and it leaves holders pricing both outcomes at once. Until the offer opens, the company's stated course is what the filings record: keep selling down the Solana stack, hold the payout at $3 a share, and leave the $100 condition to the market.