SkyAI Sells $54M of SOL to Fund $201M Buyback, Thwarting Forward Takeover
SkyAI plans to repurchase up to 95% of its shares and warrants by selling half of its Solana holdings.
SkyAI plans to repurchase up to 95% of its shares and warrants by selling half of its Solana holdings. Solana (SOL) is trading at $107.91, down 1.0% since this brief published. This is an original TLT brief synthesising 2 outlets (Cryptopolitan, Crypto.news), with their figures cross-checked, plus live market data, as of Mon, 12 Oct 2026 17:15:02 UTC.
This move represents a strategic maneuver by SkyAI to maintain independence by thwarting Forward Industries' takeover attempt, while also demonstrating the growing trend of crypto-backed corporate buybacks.
- SkyAI to repurchase up to 95% of shares and warrants for $201M.
- Company selling 1M SOL, half its crypto reserves, to fund the buyback.
- Move aims to block takeover bid from Forward Industries.
- SOL price down 2.53% in 24 hours amid broader market decline.
Cryptopolitan and Crypto.news both report that SkyAI plans to execute a $201 million buyback of its shares and warrants at $3.00 each, funded by selling approximately 1 million SOL, which constitutes half of its cryptocurrency reserves. While both outlets confirm the $201 million figure and the 1 million SOL sale, only Cryptopolitan mentions the specific rejection of Forward Industries' takeover bid as a motivation for the buyback.
SkyAI, a company with significant 
Solana holdings, has announced a plan to repurchase up to 95% of its outstanding shares and warrants. The buyback, valued at up to $201 million, will be funded by the sale of approximately 1 million SOL, which is half of the company's cryptocurrency reserves.
This strategic move is designed to thwart a takeover bid from Forward Industries, as the buyback would significantly reduce the availability of shares and increase SkyAI's independence. The buyback price has been set at $3.00 per share and warrant.
The decision to sell such a substantial portion of its Solana holdings underscores the company's confidence in its crypto strategy and its ability to execute large-scale transactions in the digital asset market. The sale of 1 million SOL is a significant move, given the current market conditions and the volatility associated with cryptocurrencies.
The broader market context shows a slight downturn, with the total crypto market cap at $2.87 trillion and 
Bitcoin down 1.12% in the last 24 hours. Solana itself is experiencing a 2.53% drop in the same period, with its price at $109 and a market cap of $64.22 billion.
The buyback plan and the associated sale of SOL are likely to have implications for both SkyAI's stock and the Solana market. Investors will be watching closely to see how the market reacts to this significant corporate action and whether other companies follow suit with similar crypto-backed buybacks.
Since this brief published about 2 hours ago, Solana (SOL) has moved from $109.00 to $107.91 — -1.00%.
The chart plots SOL's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 SOL ≈ ₦147,390.49 (about $107.91), down 3.5% over 24 hours. The naira itself trades about 2.7% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
1 key figure independently matched across 2 outlets reporting this story.
TLT extracts the figures each outlet reports and flags the ones that agree. Numbers cited by only one outlet are attributed in the brief, not shown as corroborated.
Figures and sectors in this story, checked live against on-chain aggregators · October 12, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
SkyAI Sells $54M of SOL to Fund $201M Buyback, Thwarting For — questions & answers
What is SkyAI's motivation for the buyback?
The buyback is aimed at thwarting a takeover bid from Forward Industries and maintaining the company's independence.
How much SOL is SkyAI selling to fund the buyback?
SkyAI is selling approximately 1 million SOL, which is half of its cryptocurrency reserves.
What is the total value of the buyback?
The buyback is valued at up to $201 million.
How much is 1 Solana worth in naira today?
About ₦147,390.49 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $107.91. The naira price moves with both SOL's US-dollar price and the USDT/NGN rate; use our Solana in naira page for any amount.
Has Solana's price moved since this brief was published?
SOL is down 1.00% since this brief first published — trading at $107.91 now versus $109.00 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Cryptopolitan, Crypto.news, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.