Solana treasury company liquidates holdings amid six-month decline in digital assets
SkyAI Inc. sold 135,399 SOL for $12.47 million during the first half of 2026 to help fund operations, according to financial disclosures reviewed by CryptoSlate. The sale, which realized a $14.72 million loss against the company’s cost basis, reflects SkyAI’s reliance on treasury liquidation to cover working capital needs as its digital-commodity holdings contracted sharply.
SkyAI’s total digital-commodity holdings fell to $144.28 million on June 30, 2026, down from $250.11 million at the end of 2025. The $105.83 million decline over six months included fair-value changes, staking receipts, and the SOL transactions. SkyAI sold the 135,399 SOL at an average price of $92.09 per coin, compared to an average cost basis of $200.79 per coin.
The company’s working capital position deteriorated despite the SOL sale proceeds. Working capital stood at $12.63 million on June 30, down from $14.19 million at the end of 2025, indicating that operating burn exceeded the cash generated by the treasury sale. SkyAI used $5.67 million in net cash for continuing operations during the half-year period.
Beyond the SOL liquidation, SkyAI repaid $3.08 million in margin debt and spent $2.01 million on share repurchases. The company reported $10.22 million in selling, general and administrative expenses and $5 million in related-party consulting fees. Operating revenue from the Sologard product line totaled $192,780 for the half, while net staking revenue reached $5.46 million.
SkyAI held $12.07 million in cash on hand at the end of June. The company’s balance sheet showed $3.07 million in liabilities, including trade payables, accrued expenses, warrant obligations, and lease obligations. SkyAI described itself as debt-free in disclosures, though the $3.07 million in liabilities remains outstanding.
Substantially all of SkyAI’s treasury was staked during the period. The company holds 1,494,026 liquid SOL and 509,650 locked SOL, with locked holdings scheduled to release through the end of 2028. Management stated that future working-capital needs may be met through additional SOL treasury sales, equity issuance, or traditional financing until operations generate sufficient cash flow.
SOL declined 21.28% over 90 days and 48.93% over one year as of August 9, 2026, when the token traded at $77.06. The broader price weakness compounds the challenge of funding operations through treasury liquidation at depressed valuations.
