SkyAI has sold its entire holding of Solana tokens to help fund a cash exit for shareholders. Its October 19 update reported approximately $223.8 million in cash as of October 16, with no SOL left. [1]
The reversal matters because this company had been a large holder of the coin. On September 14, it defended a reserve of more than two million SOL. Money once kept in tokens is now available for investors who want to leave. [2]
View the holdings and dates
| Disclosure or event | Company-reported holding |
|---|---|
| September 14 statement | More than 2 million SOL. |
| October 11 announcement | Approximately 1 million SOL remaining after approximately 1 million sold. |
| October 15 completed sales | Zero SOL; sale completion dated in the offer document. |
Equal panels show selected disclosures, not equal time intervals. No daily sales, execution prices, portfolio loss or effect on SOL's market price is calculated.
From earning tokens to returning cash
In September, SkyAI said nearly all its SOL was staked: committed to validators that help run Solana and earn rewards. It expected that income to pay operating and development costs. Those rewards belonged to the company; they were not payments to everyone holding SOL. [2]
By October 11, SkyAI said it had sold about half its tokens to help finance a repurchase of its own securities. That changed the role of the reserve, from an income-producing holding into money for a shareholder exit. [3]
The offer document dates the final sale to October 15. For the crypto market, the important distinction is between completed selling and a future sale that investors might still fear. The filings establish that SkyAI's reserve is gone; they do not establish what its trades did to SOL's price. [4]
“we hold no digital assets.”
Offer to Purchase [4]
The cash goes to securities holders
A tender offer lets investors sell securities directly back to a company. SkyAI's offer opened October 16 and could cost approximately $201.3 million if fully subscribed. Common shareholders are offered $3 per share; eligible warrant holders can also participate. This is a company payout, with no cash entitlement for ordinary SOL holders. [1]
The offer remains conditional, including minimum participation requirements. Its scheduled deadline is one minute after 11:59 p.m. New York time on October 29, unless extended or ended earlier. The October 19 update removes the proposed condition tied to SOL's price because the tokens have already been sold. [1]
A Solana business without a Solana reserve
SkyAI still plans to build a financial platform combining Solana-based payments and artificial intelligence. It says remaining cash would fund development, operating costs and existing obligations. That leaves a different business for investors who stay: a platform under development, with its former token reserve already converted into cash. [1] [4]