SkyAI Dumps All Solana Holdings, Launches $201M Buyback Plan
The former medical device company sold its entire SOL treasury and is now using $223.8M cash to buy back shares and warrants.
If you've been following the wave of companies stacking crypto on their balance sheets, here's a plot twist: SkyAI just went the other direction. The firm — which used to make medical devices before pivoting hard into Solana — has quietly liquidated its entire SOL treasury and is now sitting on $223.8 million in cash.
Rather than riding out the crypto volatility, SkyAI is putting that war chest to work through a $201 million buyback program targeting both shares and warrants. It's a pretty significant strategic reversal for a company that had gone all-in on Solana as its primary treasury asset.
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The move raises some eyebrows in the crypto space, where corporate treasury adoption has been a major bullish narrative. Companies like MicroStrategy normalized the idea of holding digital assets instead of cash, and plenty of smaller firms followed suit. SkyAI walking that back suggests at least some of those early adopters are rethinking the risk-reward calculus — especially with crypto markets remaining unpredictable.
From a shareholder perspective, a buyback can be a confidence signal — management essentially betting that the stock is undervalued. Using nearly all of its cash pile for repurchases is an aggressive move, and it'll be worth watching whether the market rewards or punishes that call. Warrants buybacks are a bit more nuanced, typically used to reduce potential dilution down the line.
Whether this is a savvy pivot or a case of selling low remains to be seen, but it's a clear sign that the "crypto treasury company" playbook isn't a one-way street. Continue reading at Cointelegraph.
