Solana treasury firm SkyAI launches $201M tender offer for up to 95% of shares

A Solana treasury vehicle using its own token holdings to buy back nearly all of its public float is a notable structural signal: it effectively converts equity holders into a cash exit funded by the balance sheet it was built to hold. The move matters for holders of the shares and warrants, who face a binary decision within a short window, and for how the market reads listed crypto-treasury vehicles generally — whether the equity is the product or merely a funding wrapper. Whether the offer is fully subscribed, and what remains of SkyAI's Solana position afterward, is the open question.