Don’t just remember “buying coins to support the price” the moment you see a treasury narrative; when it comes time to sell, they really do sell.
According to BlockBeats, on October 12 EmberCN monitoring showed that SkyAI (SKYA), a Nasdaq-listed SOL treasury company, is liquidating its $SOL reserves. SKYA previously announced that it had recently sold about 1 million SOL; combined with the 211,623 SOL transferred to Coinbase Prime on that day, it has sold about 1.25 million SOL over the past 5 days, worth about $138 million at the prices then. The announcement indicates that this sale was arranged to repurchase 95% of its issued shares.
One observation: if there are no more treasury addresses transferring $SOL to exchanges on-chain later, and the daily net selling volume gradually narrows, then this looks more like a one-off arrangement; another observation: if the selling continues and on-chain flows shift from net withdrawals to net inflows into exchanges, the market will have to reprice this kind of treasury narrative, and it will also drag down the mNAV and premium narrative of other DAT-style SOL treasury companies holding large amounts of SOL.
Which do you lean toward: this is a phase of selling pressure brought by a one-time buyback, or has the treasury-buying logic started to weaken?
Image 1: SkyAI liquidates SOL reserves, selling about 1.25 million SOL in 5 days · partial screenshot of source page
Image source: https://www.theblockbeats.info/flash/371395
According to BlockBeats, on October 12 EmberCN monitoring showed that SkyAI (SKYA), a Nasdaq-listed SOL treasury company, is liquidating its $SOL reserves. SKYA previously announced that it had recently sold about 1 million SOL; combined with the 211,623 SOL transferred to Coinbase Prime on that day, it has sold about 1.25 million SOL over the past 5 days, worth about $138 million at the prices then. The announcement indicates that this sale was arranged to repurchase 95% of its issued shares.
One observation: if there are no more treasury addresses transferring $SOL to exchanges on-chain later, and the daily net selling volume gradually narrows, then this looks more like a one-off arrangement; another observation: if the selling continues and on-chain flows shift from net withdrawals to net inflows into exchanges, the market will have to reprice this kind of treasury narrative, and it will also drag down the mNAV and premium narrative of other DAT-style SOL treasury companies holding large amounts of SOL.
Which do you lean toward: this is a phase of selling pressure brought by a one-time buyback, or has the treasury-buying logic started to weaken?
Image 1: SkyAI liquidates SOL reserves, selling about 1.25 million SOL in 5 days · partial screenshot of source page
Image source: https://www.theblockbeats.info/flash/371395