Timeline
- 7.5
SkyAI(@skyaico), which held 2M $SOL ($214M), has been dumping $SOL heavily recen
SkyAI, a company that held about 2 million SOL (~$214M), has disclosed that it sold 1 million SOL (~$107M) and has said it may continue selling. On-chain data shows the entity transferred out 1.57 million SOL (~$175M) during October, against an average purchase price of roughly $194 per SOL, implying losses of more than $160M. Management's statement that it may keep selling matters because SkyAI was among the largest corporate holders of SOL, and the disclosed sales are an explicit, repeated source of token supply. The company is simultaneously running a $3.00-per-share cash tender offer, tying the unwind to its own equity. The Arkham entity page tracking the addresses is labeled "Sharps Technology," while the company is referred to as SkyAI. Transferred-out tokens are on-chain movements and are not by themselves proof of sale; the confirmed disposal figure disclosed by the company is 1 million SOL. The tender offer at $3.00 per share covers common stock and pre-funded warrants.
- 7.0
SkyAI, which holds over 2M $SOL($220M), appears to be dumping $SOL at a loss!
On-chain data shows SkyAI, a holder of more than 2 million SOL (about $220 million), transferred 568,000 SOL (~$63.87 million) to exchanges over the past three days. With an average purchase price of roughly $194, the transfers imply an unrealized loss of about $46 million if the tokens were sold. The size of the flow places a large single-holder supply overhang in view of SOL traders, although the selling itself is inferred from exchange inflows rather than confirmed by the entity. The observation covers three days of transfers totaling 568,000 SOL, against a stated average entry of about $194; the loss figure is an estimate based on that cost basis and would only be realized if the tokens are sold.