In less than a month, SkyAI liquidated more than 2 million $SOL , raising over $200 million in cash, then quickly pivoted to launch a cash tender offer to repurchase its shares and warrants. Viewed through the lens of liquidity withdrawal and balance-sheet strategy, the move poured cold water on the previously overhyped premium attached to U.S.-listed crypto treasuries. The earlier assumption that SOL would hold above $100 until the buyback threshold was reached was simply removed, highlighting the instinctive response of small- and mid-cap listed companies facing a market-cap inversion: sell highly liquid crypto assets to protect their share price.
In terms of risk transmission, although the short-term spot selling pressure has already been absorbed by the market, its impact on corporate holders’ confidence is more concerning. The sale shows how a single institution’s holdings can quickly turn into concentrated supply when market demand is insufficient to absorb them. When macroeconomic conditions dampen risk appetite for highly volatile assets, listed companies’ strategies of issuing debt or shares to acquire crypto assets can backfire, triggering internal governance conflicts like the one at SkyAI, where a major shareholder with nearly a 10% stake called for an independent review.
The next key point to watch is the actual completion rate of its tender offer on October 29, and whether other U.S.-listed companies holding crypto assets will follow suit with a wave of sales. For bulls to stabilize the medium- to long-term structure, the spot market must prove it can fully absorb a sudden release of similar-sized holdings through native on-chain liquidity, without the support of corporate treasury buying. Otherwise, the support zone will face an even tougher test from selling pressure.
In terms of risk transmission, although the short-term spot selling pressure has already been absorbed by the market, its impact on corporate holders’ confidence is more concerning. The sale shows how a single institution’s holdings can quickly turn into concentrated supply when market demand is insufficient to absorb them. When macroeconomic conditions dampen risk appetite for highly volatile assets, listed companies’ strategies of issuing debt or shares to acquire crypto assets can backfire, triggering internal governance conflicts like the one at SkyAI, where a major shareholder with nearly a 10% stake called for an independent review.
The next key point to watch is the actual completion rate of its tender offer on October 29, and whether other U.S.-listed companies holding crypto assets will follow suit with a wave of sales. For bulls to stabilize the medium- to long-term structure, the spot market must prove it can fully absorb a sudden release of similar-sized holdings through native on-chain liquidity, without the support of corporate treasury buying. Otherwise, the support zone will face an even tougher test from selling pressure.