In September, SkyAI still held over 2 million SOL and was among the top five largest public holders of this cryptocurrency. Now the reserves have been sold off entirely. As of October 16, the company's accounts held $223.8 million in cash.
Almost all of this money is not going into the market, but back to shareholders. SkyAI will buy back up to 95% of each class of its securities at $3 per unit. The offer is valid until October 29.
A buyback is when a company purchases its own shares from holders. A warrant is a security that gives the right to buy a company's share at a pre-fixed price.
The logic is that the market valued SkyAI's securities below what its own crypto reserves were worth. In such a situation, buying itself back is more profitable than holding coins: corporate capital is moving out of SOL and into the company's own equity.
For a trader, this matters as a signal about the structure of demand. Public holder companies were one of the channels of institutional demand for Solana, and one of the largest has closed this channel. Coins worth 2 million SOL have left the balance sheet and gone to the market.
What's next: buyback applications are accepted until October 29. At the same time, SkyAI says it will continue developing its financial AI platform on the Solana base - leaving the reserves, but not the ecosystem.
Have you been watching how those 2 million SOL are weighing on the chart?
A corporation with a $223 million account is simply deciding where its money works better - in the coin or in its own securities. A private trader has no such choice: there is one deposit, and its size determines how much even a perfectly executed idea will bring. Prop trading changes exactly this link: the company provides the notional, and the risk limits on the account are set in advance. It's worth understanding the scheme before the market delivers the next such dump.