Just now, another SOL treasury company chose to exit
Nasdaq-listed SkyAI (formerly Sharps Technology) confirmed that it had sold all of its SOL. In mid-September, it still held more than 2 million SOL. By October 16, its holdings had fallen to zero, and its balance sheet showed approximately $223.8 million in cash.
After selling its tokens, it’s using the proceeds for buybacks:
The company launched a cash tender offer at $3 per share (or per warrant), offering to buy back up to 95% of each class of securities, for a maximum of approximately $201.3 million. The offer expires on October 29, Eastern Time. By the company’s own calculation, the offer price is roughly 0.95 times its net asset value.
Put simply:
When a company’s share price can’t keep up with the value of the assets it holds, the “raise funds to buy tokens, then let token gains drive up the share price” strategy stops working. Converting tokens to cash and buying back shares at a price close to net asset value is a more direct way to deliver value to shareholders.
For ordinary token holders, two things are worth watching:
1. The sale of these more than 2 million SOL is complete, and SOL is currently trading around $104;
2. Whether other crypto treasury companies trading at a persistent discount will take the same path.
How long do you think the crypto treasury company model can last?
#SkyAI出售全部SOL并发起现金要约收购 #SOL #BTC
Nasdaq-listed SkyAI (formerly Sharps Technology) confirmed that it had sold all of its SOL. In mid-September, it still held more than 2 million SOL. By October 16, its holdings had fallen to zero, and its balance sheet showed approximately $223.8 million in cash.
After selling its tokens, it’s using the proceeds for buybacks:
The company launched a cash tender offer at $3 per share (or per warrant), offering to buy back up to 95% of each class of securities, for a maximum of approximately $201.3 million. The offer expires on October 29, Eastern Time. By the company’s own calculation, the offer price is roughly 0.95 times its net asset value.
Put simply:
When a company’s share price can’t keep up with the value of the assets it holds, the “raise funds to buy tokens, then let token gains drive up the share price” strategy stops working. Converting tokens to cash and buying back shares at a price close to net asset value is a more direct way to deliver value to shareholders.
For ordinary token holders, two things are worth watching:
1. The sale of these more than 2 million SOL is complete, and SOL is currently trading around $104;
2. Whether other crypto treasury companies trading at a persistent discount will take the same path.
How long do you think the crypto treasury company model can last?
#SkyAI出售全部SOL并发起现金要约收购 #SOL #BTC