SkyAI Sells ~1.25M SOL in 5 Days, Offloading $138M Treasury

A Nasdaq-listed treasury vehicle liquidating its entire SOL position to buy back its own stock is a notable inversion of the digital-asset treasury model, which typically accumulates tokens to track a crypto-linked equity story. The Coinbase Prime transfer flagged on-chain suggests the remaining sales are being routed through a prime brokerage desk rather than OTC, which could keep visible flow hitting the market. Whether the buyback closes the discount that made this trade rational, and whether other treasury companies face the same pressure, are the open questions worth watching.