SkyAI sold off all the SOL in its treasury, then used $201 million of its $223.8 million in cash to buy back shares and warrants. The former medical-device company, now a digital-asset treasury player, became the first DAT to complete the full cycle of “buying, holding, liquidating, and buying back.” Bitfinex Head of Derivatives Jag Kooner said a return to last year’s indiscriminate borrowing to buy crypto is unlikely. I’ve been watching this case for a while. The fatal flaw in the DAT model isn’t the price of the coins—it’s the discount: when a stock trades below the net asset value of its holdings, borrowing to buy crypto means using shareholders’ money to subsidize the discount in the secondary market. The more you buy, the more you lose. By choosing to unwind in reverse, SkyAI is effectively admitting that this path doesn’t work. Who will be next? $SOL