SkyAI cuts SOL treasury to 600,000 as tender plan awaits launch

SkyAI told the Securities and Exchange Commission on Tuesday that its Solana treasury had fallen to approximately 600,000 SOL as the Nasdaq-listed company prepared a cash tender offer for most of its outstanding shares and specified warrants. The new balance is materially below the approximately 1 million SOL described in the company’s October 11 announcement, showing that the treasury reduction continued while the proposed offer remained unlaunched.

The October 13 Form 8-K also says SkyAI held approximately 80% of the cash required for the offer as of the filing date. It does not disclose that cash balance, define the denominator used for the 80% figure or identify the price and proceeds from any SOL sales. Those omissions prevent a reliable calculation of realized gains or losses and leave the final funding requirement uncertain.

A second reduction appears in the filing

SkyAI’s October 11 announcement said it had recently sold approximately 1 million SOL, about half of its holdings at that point, and still held approximately 1 million SOL. Comparing that statement with Tuesday’s 600,000-SOL filing balance implies a further reduction of roughly 400,000 SOL. That is Coinburn’s calculation from two company disclosures, not a transaction total reported by SkyAI.

The filing does not say whether the entire difference reflects completed sales, transfers, accounting adjustments or another change. Nor does it provide wallet addresses, execution venues, counterparties, sale dates or an average sale price. An independent Solana Compass report published October 12 likewise noted that the company-confirmed sale figure lacked dates, venues, prices and proceeds; third-party wallet labels and exchange transfers cannot by themselves establish sales.

The distinction matters because a digital-asset treasury balance is not the same as cash available for a corporate action. Token sales must settle, and the dollars ultimately needed depend on how many eligible securities are tendered and accepted.

The tender is still only proposed

The company says it expects to offer $3 in cash for up to 46.37 million common shares and as many as 20.72 million cash pre-funded, cryptocurrency pre-funded and strategic-adviser warrants. Those limits represent 95% of each specified class and produce a stated maximum aggregate purchase price of approximately $201 million. The figures come from the October 11 announcement furnished with Tuesday’s SEC filing; definitive terms have not yet been filed.

SkyAI expects the offer to begin on or about October 15 and remain open for 10 business days unless extended or ended early. At least 50% of every covered class would have to be validly tendered and not withdrawn. The announced terms also condition the offer on SOL’s closing price remaining above $100 throughout the offer period, although SkyAI says conditions may be waived. The company has not identified the market venue or closing-time convention that would govern that test.

If holders tender more than the 95% cap for a class, SkyAI expects purchases in that class to be prorated. The company also says the offer has no financing condition, but that assertion rests on its own assessment of cash and digital-asset value. Tuesday’s statement that only approximately 80% of required cash was then held shows that further conversion or another funding step may still be necessary.

What is verified and what comes next

The verified development is a sharp company-reported reduction in SOL holdings and a filed pre-commencement communication. It is not a completed buyback, a guaranteed $201 million payment or proof that 95% of the securities will be retired. The Form 8-K explicitly says the offer has not commenced and may not commence.

Chronology is important: SkyAI announced the plan and its earlier balance on October 11; Solana Compass published its corroborating report on October 12; SkyAI filed the Form 8-K on October 13 with the lower 600,000-SOL balance. Coinburn is reporting the filing in its October 13 close edition. The next decisive record is the Schedule TO, which SkyAI expects by October 15 and which should define the final terms, pricing test, funding disclosures and withdrawal procedures.