SkyAI (NASDAQ: SKYA) officially confirmed that it sold about 1 million $SOL (approximately half of its holdings). Against the backdrop of this news and on-chain data, it became known that the company’s total transfers to exchanges in October amounted to around 1.57 million $SOL (~$175 million).
The main goal of this massive sell-off is to finance a large-scale share buyback. #SkyAI plans to allocate up to $201 million to repurchase (via a tender offer) up to 95% of its shares and warrants at $3 each.
SkyAI is using funds from its Solana treasury to finance the buyback. According to analytics platform Lookonchain, the company’s average purchase price for the tokens was around $194. As a result of closing its positions at current levels, SkyAI’s floating (unrealized) loss has exceeded $160 million. The company officially stated that the remaining 1 million $SOL may also be partially or fully sold, depending on market conditions.
#sol #solana #CryptoNewss #altcoins
The main goal of this massive sell-off is to finance a large-scale share buyback. #SkyAI plans to allocate up to $201 million to repurchase (via a tender offer) up to 95% of its shares and warrants at $3 each.
SkyAI is using funds from its Solana treasury to finance the buyback. According to analytics platform Lookonchain, the company’s average purchase price for the tokens was around $194. As a result of closing its positions at current levels, SkyAI’s floating (unrealized) loss has exceeded $160 million. The company officially stated that the remaining 1 million $SOL may also be partially or fully sold, depending on market conditions.
#sol #solana #CryptoNewss #altcoins