SkyAI, formerly Sharps Technology, has sold its entire Solana (SOL) treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants, reversing its cryptocurrency accumulation strategy.The company held approximately $223.8 million in cash as of Oct. 16 after liquidating its SOL holdings, according to a filing with the US Securities and Exchange Commission on Monday.The tender offer allows shareholders and warrant holders to sell their securities directly back to SkyAI at a fixed price. It covers up to 95% of each class of the company’s outstanding shares and warrants, funded entirely by cash on hand.The company said the tender offer is no longer tied to SOL’s price, a condition it had initially planned to include when announcing the buyback on Oct. 11. SkyAI intends to continue developing a financial platform combining stablecoin infrastructure on Solana with artificial intelligence.SkyAI shares closed Monday at $2.79, up 5.3% on the day, according to Yahoo Finance data. The stock has gained approximately 65% over the past month but remains down about 41% over the past year.Related: Solana shows resilience, but some areas need continued observation, Fidelity saysSkyAI reverses Solana treasury strategy after one yearSkyAI launched its Solana treasury strategy in August 2025 after raising more than $400 million through a private placement. The company acquired more than 2 million SOL the following month, establishing a position valued at more than $400 million at the time.By the end of 2025, the company held approximately 2.08 million SOL with a cost basis of $403.1 million, or roughly $194 per token. Its holdings were valued at $250.1 million, representing approximately $153 million in unrealized losses, according to its annual financial disclosures.The losses reflected broader pressure on companies that accumulated SOL as a treasury asset. By February 2026, publicly traded Solana treasury companies faced more than $1.5 billion in combined unrealized losses as falling token prices weighed on their holdings and share valuations.SOL fell to around $62 in June but has since recovered, trading near $104 as of Monday, according to CoinGecko data. Source: CoinGeckoMagazine: Can the SEC and CFTC’s pro-crypto rules be overturned? Legal opinionCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Protect Progress, an affiliate of the cryptocurrency-aligned Fairshake super political action committee (PAC), reported spending $362,000 on ads to support a Democrat in California’s 14th congressional district, just weeks after she won a special election against the same opponent. According to a Sunday filing with the US Federal Election Commission (FEC), Protect Progress reported spending $362,000 on media supporting incumbent Democrat Aisha Wahab in the Bay Area district against her fellow party member, Melissa Hernandez. Wahab defeated Hernandez in an Aug. 18 special election with more than 53% of the vote, raising questions about why the cryptocurrency industry-aligned PAC is supporting her in the 2026 midterms. Notably, both Wahab and Hernandez were ranked as “strongly supports crypto” after they went on the record with the digital asset organization Stand With Crypto to complete questionnaires ahead of the August special election. That election was used to determine who would replace Democrat Eric Swalwell for the remainder of his term, ending January 2027. Swalwell resigned in April amid sexual assault allegations. Fairshake launched in 2023, backed largely by contributions from Coinbase, Ripple Labs and Andreessen Horowitz. Since the 2024 US elections, the Super PAC has spent tens of millions of dollars on candidates the group considers “pro-crypto” in efforts to fill Congress with lawmakers more likely to support policies favorable to the digital asset industry.  Related: Ex-Trump crypto adviser profited after helping pass stablecoin bill: WSJIn an Oct. 7 debate, Wahab signaled that she opposed Hernandez for not denouncing expenditures from corporate PACs aligned with the American Israel Public Affairs Committee (AIPAC), adding that the spending “really deteriorated our democracy.” Cointelegraph reached out to both the Hernandez and Wahab campaigns, and Fairshake for comment on the spending but did not receive immediate responses.One notable change between the August special election and the November midterms will be the boundaries of California’s 14th district. The current boundaries, which include parts of San Francisco’s East Bay, will be expanded in accordance with the 2025 passage of the state’s Proposition 50, requiring new maps for the midterm elections.Fairstake steps up spending in Ohio and NebraskaThe crypto PAC reported in January that it had $193 million in cash on hand ahead of the elections, and it had already used tens of millions of dollars to support Democratic and Republican candidates in primaries and special elections. With just over two weeks until the 2026 election, Fairshake reported additional spending on media for Senate races in Ohio and Nebraska. Defend American Jobs, a Fairshake affiliate largely supporting Republican candidates, reported spending more than $6.7 million to oppose Independent candidate Dan Osborn in Nebraska’s Senate race. The PAC also reported $8 million on media in Ohio, supporting incumbent Republican Jon Husted against Democrat Sherrod Brown in a race where it has spent more than $46 million so far. Brown’s race could be another bellwether for how the crypto industry potentially impacts the 2026 midterms. The Democrat lost his seat to Republican Bernie Moreno in 2024 after Fairshake and other interest groups spent a combined hundreds of millions of dollars on ads opposing Brown.Magazine: Made an ‘honest’ mistake with crypto taxes? New bill offers way out

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.