SOL treasury company SkyAI has sold approximately 1 million SOL, representing roughly 50% of its original holdings, to fund a cash tender offer for share and warrant repurchases. The company transferred 1.57 million SOL worth about $175 million this month at an average purchase price of $194, resulting in estimated losses exceeding $160 million. SkyAI retains approximately 1 million SOL and indicated it may continue reducing its position depending on market conditions. The company clarified that on-chain transfer volumes do not necessarily equate to actual sales volume. Proceeds from the divestment are designated specifically for the upcoming share repurchase program.