SkyAI’s pivot from Solana treasury to cash return happened faster than a single fiscal quarter. The Nasdaq-listed company completed the sale of all of its SOL on October 15, 2026, leaving it with roughly $223.8 million in cash and no digital assets. Within days it was asking stockholders to tender their shares at $3.00 apiece in a buyback that could return up to $201.3 million.
The tender offer, filed with the U.S. Securities and Exchange Commission as a Schedule TO on October 16, seeks 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 – 67,087,366 securities in total. At $3.00 each, the aggregate purchase price reaches $201,260,220, and the offer expires one minute after 11:59 p.m. New York time on October 29 unless extended. It carries no financing condition: the company states it does not need to borrow to fund the payout.
SkyAI frames the price as roughly 0.95 times its modified net asset value, the $3.00 purchase price multiplied by about 70.6 million outstanding shares and warrants, divided by the cash balance. For a holder who tenders, that means accepting about 95 cents on the dollar of the company’s stated cash value. Each security class also carries its own minimum tender condition, and purchases are made pro rata if a class exceeds its 95% cap.
The speed of the reversal is the center of gravity. A company that had marketed itself around an aggressive Solana treasury strategy sold the entire position in one move and now describes its focus as an agentic finance platform built to aggregate and analyze on-chain financial data. Returning capital at a discount to net cash is not automatically destructive: it can be the right decision if a board believes the remaining business is worth less than the cash it holds.
The return has drawn a governance challenge. Bastion Trading, whose director Wei Zhu is deemed to beneficially own roughly 9.99% of the shares through affiliated entities, filed a Schedule 13D in September. That filing flags what Bastion calls apparent conflicts of interest: Sol Edge Limited and Sol Markets, entities it says are wholly owned and controlled by the brother of director and CIO Alice Zhang, received compensation under consulting and strategic-advisor agreements. Bastion says those relationships led to an independent director’s resignation in December 2025.
What happens next turns on three questions. Will enough of each class tender to satisfy the minimum conditions? Will the board answer Bastion’s demand for a higher price and clearer accountability? And will the company provide the independent valuation it has not yet included, given that the offer documents disclose no financial advisor or fairness opinion? For a company that once marketed itself on its Solana holdings, the liquidation is settled; how the cash leaves is now the contested part.
Source: BlockchainReporter.