Solana’s fifth-largest corporate holder sells all its tokens
SkyAI, which held more than 2 million SOL as recently as September, has sold all its tokens. At the time, it ranked among the five largest publicly traded companies by Solana reserves.
Like many other publicly traded companies, SkyAI pivoted to accumulating cryptocurrency in the summer of 2025. It raised $400 million from investors and bought SOL at $190–194 per token. In early October, SOL was trading at $120, and by October 19 it had fallen to $104.
The proceeds from the token sale will go toward a share buyback (SKYA on Nasdaq) worth more than $200 million. The stock is trading nearly 80% below its 2025 peak.
▪️ The token sale drew criticism from Bastion Trading, which owns nearly 10% of SkyAI’s shares. The company called for an independent review of the transactions and said it would not agree to a share buyback.
▪️ SkyAI continues to say it plans to create a financial platform combining Solana stablecoin payments with AI. The company has not announced any further steps.
SkyAI, which held more than 2 million SOL as recently as September, has sold all its tokens. At the time, it ranked among the five largest publicly traded companies by Solana reserves.
Like many other publicly traded companies, SkyAI pivoted to accumulating cryptocurrency in the summer of 2025. It raised $400 million from investors and bought SOL at $190–194 per token. In early October, SOL was trading at $120, and by October 19 it had fallen to $104.
The proceeds from the token sale will go toward a share buyback (SKYA on Nasdaq) worth more than $200 million. The stock is trading nearly 80% below its 2025 peak.
▪️ The token sale drew criticism from Bastion Trading, which owns nearly 10% of SkyAI’s shares. The company called for an independent review of the transactions and said it would not agree to a share buyback.
▪️ SkyAI continues to say it plans to create a financial platform combining Solana stablecoin payments with AI. The company has not announced any further steps.