This corporate Solana treasury dumped $12.5M of SOL at a 54% loss – and its balance sheet still shrank
SkyAI Inc. (SKYA), a Solana treasury firm, mentioned in a current SEC submitting that it bought 135,399 SOL for $12.47 million through the first half of 2026 and might 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 truthful worth somewhat 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 have been carried at $144.28 million on June 30, down from $250.11 million at the top of 2025. The balance additionally mirrored staking receipts and transactions, together with SOL bought at a median of $92.09 towards a median price foundation of $200.79. Those gross sales generated a $14.72 million realized loss.
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. Selling, normal and administrative bills reached $10.22 million. The firm individually reported $5 million in related-party consulting charges.
Management mentioned future working-capital wants could also be met by means of a mixture of promoting half of the SOL treasury, issuing fairness or acquiring conventional financing till operations can assist themselves. The disclosure additionally makes one other SOL sale attainable.
SkyAI ended June with $12.07 million in money and optimistic working capital after repaying the margin mortgage. Management described the corporate as debt-free, though its balance sheet still confirmed $3.07 million of liabilities, together with commerce, accrued, warrant and lease obligations.
The firm additionally reported 1,494,026 liquid SOL and 509,650 locked SOL, with the locked balance scheduled to launch by means of the top of 2028. Substantially all of the treasury was staked through the interval, making the token balance a giant funding reserve however not the identical as money already accessible for bills.
The market backdrop retains stress on that reserve. CryptoSlate’s Solana market data 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 balance, optimistic working capital, and repaid margin mortgage don’t point out an instantaneous, leverage-driven SOL sale.
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