Solana treasury company SkyAI has completely liquidated its holdings, selling all 2 million SOL.
It sold at an average price of $107, leaving $223.8 million in cash on its balance sheet. The company has explicitly said it will not buy SOL again after the buyback. Major shareholder Bastion Trading has also switched from opposing to supporting the $3-per-share buyback plan. The tender offer expires on October 29.
My take is that this isn’t just reducing its position to weather the downturn—it’s completely abandoning the SOL treasury strategy. Holding cash for the buyback instead suggests that management has no interest in continuing to hold SOL.
Do you think this is a rational move by a treasury company to cut its losses and exit, or does it amount to giving up on the SOL treasury strategy altogether?
Follow me, and I’ll be the first to bring you the results of SkyAI’s buyback as soon as they’re out.
#solana
It sold at an average price of $107, leaving $223.8 million in cash on its balance sheet. The company has explicitly said it will not buy SOL again after the buyback. Major shareholder Bastion Trading has also switched from opposing to supporting the $3-per-share buyback plan. The tender offer expires on October 29.
My take is that this isn’t just reducing its position to weather the downturn—it’s completely abandoning the SOL treasury strategy. Holding cash for the buyback instead suggests that management has no interest in continuing to hold SOL.
Do you think this is a rational move by a treasury company to cut its losses and exit, or does it amount to giving up on the SOL treasury strategy altogether?
Follow me, and I’ll be the first to bring you the results of SkyAI’s buyback as soon as they’re out.
#solana
