SkyAI, one of the companies that formed the Solana treasury, announced today that it no longer holds any SOL. As of October 16, the company’s cash reserves were approximately $223.8 million.
SkyAI aims to repurchase up to 95% of its shares and three different classes of warrants in its buyback offer launched on October 16th. The program, offered at $3 per unit, could reach a total size of $201.3 million if fully participated.
The company’s sale of all its SOLs also changed the terms of the buyback. Since payments will be made from existing cash, the offer will no longer be dependent on the SOL price being at a specific level. The program also does not require any new borrowing or external financing.
However, SkyAI stated that it aims to maintain its Nasdaq listing. The company’s statement also retains its goal of developing stablecoin and AI-focused products on Solana. Therefore, the sale of SOL tokens in the treasury does not mean the end of all Solana-related activities.
*This is not investment advice.
