SkyAI Inc. (SKYA), a Solana treasury firm, mentioned in a latest SEC submitting that it offered 135,399 SOL for $12.47 million throughout the first half of 2026 and will use extra token gross sales to assist fund the enterprise till its operations generate sufficient money.
SkyAI additionally made an $84.34 million unrealized digital-commodity loss for the six months ended June 30. The loss mirrored adjustments in honest worth slightly than money leaving the enterprise. Its second-quarter portion was $13.49 million, whereas internet money utilized in persevering with operations was about $5.67 million for the half.
SkyAI’s digital-commodity holdings had been carried at $144.28 million on June 30, down from $250.11 million on the finish of 2025. The steadiness additionally mirrored staking receipts and transactions, together with SOL offered at a mean of $92.09 in opposition to a mean price foundation of $200.79. These gross sales generated a $14.72 million realized loss.
Why is Solana falling regardless of ETF inflows and booming exercise?
Solana ETF inflows and community exercise are rising, however inflation, weak charge burn, and macro stress nonetheless weigh on SOL.
SkyAI’s treasury gross sales didn’t shut its working hole
Working capital fell to $12.63 million from $14.19 million over the identical six-month interval regardless of the SOL proceeds. The cash-flow image prolonged past working burn: SkyAI additionally repaid a $3.08 million margin mortgage and spent $2.01 million on share repurchases.
The working enterprise was not but producing sufficient money to shut that hole. First-half internet income from SkyAI’s Sologard product line was $192,780, whereas internet staking income was $5.46 million. Promoting, common and administrative bills reached $10.22 million. The corporate individually reported $5 million in related-party consulting charges.
Administration mentioned future working-capital wants could also be met via a mix of promoting a part of the SOL treasury, issuing fairness or acquiring conventional financing till operations can help themselves. The disclosure additionally makes one other SOL sale attainable.
SkyAI ended June with $12.07 million in money and constructive working capital after repaying the margin mortgage. Administration described the corporate as debt-free, though its steadiness sheet nonetheless confirmed $3.07 million of liabilities, together with commerce, accrued, warrant and lease obligations.
The corporate additionally reported 1,494,026 liquid SOL and 509,650 locked SOL, with the locked steadiness scheduled to launch via the top of 2028. Considerably all the treasury was staked throughout the interval, making the token steadiness a big funding reserve however not the identical as money already out there for bills.
The market backdrop retains stress on that reserve. mycryptopot’s Solana market information confirmed SOL at $77.06 on Aug. 9, down 21.28% over 90 days and 48.93% over one yr. The submitting due to this fact factors to a recurring funding alternative, however its money steadiness, constructive working capital, and repaid margin mortgage don’t point out an instantaneous, leverage-driven SOL sale.
