SkyAI, the Solana treasury firm that began life as a medical device maker, has sold every SOL token it held and is using part of its cash pile to fund a $201 million buyback of shares and warrants. The company said it holds $223.8 million in cash, leaving it with more than enough liquidity to cover the repurchase.
The move comes as SkyAI tries to return capital to shareholders after a stretch in which its balance sheet was tied closely to the price of Solana's native token. By exiting the position entirely, the firm is no longer exposed to SOL's day-to-day swings.
What the buyback covers
SkyAI is offering to repurchase both common shares and outstanding warrants, according to the company. The $201 million figure represents the total size of the program, not a per-share price. Specific terms — including the price range and the expiration date — were not disclosed in the facts provided.
Warrants are contracts that give holders the right to buy shares at a set price later. Buying them back can simplify a company's capital structure and reduce future dilution. For SkyAI, which is still best known for its pivot from medical devices into crypto treasury management, cleaning up the cap table may be as much about optics as about math.
The cash position
With $223.8 million in cash, SkyAI can fund the $201 million buyback and still keep roughly $22.8 million on hand. That's a thin cushion for a public company, but it's a cushion nonetheless. The firm hasn't said whether it plans to raise additional capital or how it will deploy the remaining cash.
The sale of the SOL holdings likely contributed to the cash balance, though the company didn't break out the proceeds separately. Solana's price has been volatile over the past year, and holding a large treasury position in a single token carries obvious risks. SkyAI's decision to sell everything suggests a preference for certainty over upside.
From medical devices to Solana
SkyAI's path to the crypto sector was unusual. It started as a medical device maker before repositioning itself as a Solana treasury firm. That kind of pivot — from FDA-regulated hardware to digital assets — is rare, and it raises questions about what the company's long-term business model actually is. The buyback doesn't answer those questions. It just returns cash to shareholders who may have been along for the ride.
The company hasn't said whether it will continue to hold other crypto assets or whether the SOL sale marks a full exit from token treasuries. It also hasn't given a timeline for completing the buyback or explained how the offer will be administered. Shareholders will have to wait for a formal tender offer document to learn the price and deadline.
What happens next
SkyAI's next step is to file the specifics of the buyback — the per-share price, the warrant terms, and the expiration date — with regulators. Until then, the offer is little more than a headline number. The company's remaining $22.8 million in cash will be the thing to watch: if the buyback comes in at the high end, SkyAI will be running lean, and any unexpected costs could force it back to the market for financing.
For now, the message is simple. SkyAI is out of SOL and putting its money where its shareholders are.
