SkyAI Exits Solana Treasury and Launches Share Buyback Worth Up to $201.3M

SkyAI has reportedly sold its entire Solana $SOL treasury and announced a repurchase program worth up to $201.3 million, marking a major shift in its capital allocation strategy.
The company reported approximately $223.8 million in cash as of October 16 following its exit from Solana holdings.
Under the proposed tender offer, SkyAI would pay $3 per share or warrant to repurchase up to 95% of the eligible securities, according to the announcement.
Unlike its previous cryptocurrency-focused approach, the offer is no longer tied to Solana's market price.
The move signals a transition toward returning capital to investors, although the final repurchase amount will depend on participation, tender conditions and the company's execution.