The SOL treasury company was the first to throw in the towel
SkyAI sold off all of its SOL holdings, exchanging about 2 million tokens for $223.8 million in cash. It then turned around and repurchased 95% of its outstanding shares at $3 per share, while also removing the “SOL must be above $100” clause from the buyback terms. As recently as September 14, the company was still reaffirming its SOL treasury strategy.
That’s what happens to the DAT model once mNAV falls below 1: the token price can’t support the premium, so selling tokens for cash makes more sense than holding them. The 2 million SOL have already been dumped, easing short-term selling pressure, but institutional buying for SOL treasuries has also lost one of its pillars. Any rebound into the cost-basis zone where treasury companies built up their positions is likely to be met with selling from holders looking to break even, so a rally followed by a pullback is the likeliest scenario. On the downside, $160 is the line between bulls and bears; if SOL can’t hold there, it may have to test lower levels.
At these levels, are you buying SOL spot in batches, or waiting for a pullback to $160 before making a move?
$SOL $JUP $JTO
SkyAI sold off all of its SOL holdings, exchanging about 2 million tokens for $223.8 million in cash. It then turned around and repurchased 95% of its outstanding shares at $3 per share, while also removing the “SOL must be above $100” clause from the buyback terms. As recently as September 14, the company was still reaffirming its SOL treasury strategy.
That’s what happens to the DAT model once mNAV falls below 1: the token price can’t support the premium, so selling tokens for cash makes more sense than holding them. The 2 million SOL have already been dumped, easing short-term selling pressure, but institutional buying for SOL treasuries has also lost one of its pillars. Any rebound into the cost-basis zone where treasury companies built up their positions is likely to be met with selling from holders looking to break even, so a rally followed by a pullback is the likeliest scenario. On the downside, $160 is the line between bulls and bears; if SOL can’t hold there, it may have to test lower levels.
At these levels, are you buying SOL spot in batches, or waiting for a pullback to $160 before making a move?
$SOL $JUP $JTO