SKYA Liquidates $138 Million in Solana Reserves to Repurchase Shares
Publicly traded treasury firm SKYA is liquidating its Solana (COINBASE:SOLUSD) reserves. Over a five-day period, the company sold an estimated 1.25 million SOL tokens valued at approximately $138 million. The sales significantly cut into the company's holdings, which previously stood at about 2 million SOL, and included a recent single transfer of 211,623 SOL to an exchange platform.
The company is selling off its crypto holdings to repurpose capital for its equity structure. Proceeds from the Solana reserve sales will be used to repurchase roughly 95% of SKYA's outstanding stock. Amid the selling activity, Solana declined 2.47% to trade at $108.50.
Market participants will watch whether SKYA proceeds with selling its remaining Solana tokens and how smoothly the crypto market absorbs the additional supply. Investors will also monitor the execution and timing of the company's large-scale share repurchase plan.
Key points
- SKYA sold an estimated 1.25 million SOL worth roughly $138 million over five days.
- The corporate treasury previously held approximately 2 million SOL tokens.
- Proceeds from the token liquidation are targeted to buy back about 95% of outstanding stock.
- Solana traded down 2.47% to $108.50 during the market movement.
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How we writeDisclaimerQuestions and answers
Why is SKYA liquidating its Solana holdings?
SKYA is liquidating its Solana reserves to fund a plan to repurchase roughly 95% of its outstanding shares.
How much Solana did SKYA sell?
SKYA sold an estimated 1.25 million SOL tokens worth approximately $138 million over five days, reducing its initial 2 million SOL reserve.