SkyAI Liquidates Solana Treasury, Launches $201M Buyback

The pivot is the real story: a former medical device maker that repositioned around a Solana treasury is now unwinding that position entirely and redirecting most of its cash into a buyback. That is a notable signal for the small-cap crypto-treasury cohort, where holding digital assets has been used as a valuation lever rather than an operating business. The move affects shareholders and warrant holders weighing the repurchase offer, and it raises a broader question for comparable companies: whether treasury strategies survive when cash can instead be returned. Whether other crypto-treasury firms follow with similar exits is the open question.