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Blockchain-native AI infrastructure project SkyAI has sold its entire Solana [SOL] digital asset treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants.

The sudden U-turn in its DAT strategy caught investors’ attention, as it was one of the largest publicly traded Solana treasury companies. The company held $223.8 million as of the 16th of October, after liquidating its SOL holdings, according to a U.S. Securities and Exchange Commission filing.

The tender offer expires on the 29th of October 2026. The offer allows shareholders and warrant holders to directly sell their securities back to SkyAI at a fixed price of $3.

It covers 95% of each class of the company’s outstanding shares and warrants, and will be paid for directly from the cash at hand with the company. The purchase price represents an approximately 0.95x multiple of their net asset value (mNAV).

Moreover, if fully subscribed, the offer will cost $201.3 million, excluding related fees and expenses.

SkyAI turns its back on Solana DAT after a year
The company launched its Solana digital asset treasury strategy in August 2025, after raising over $400 million in private placement. A month later, SkyAI had bought over 2 million SOL.

By the end of 2025, the company held 2.08 million tokens purchased for $403.1 million. The rough cost basis per coin came to $194. SkyAI’s annual filing showed their holdings were worth just $250 million, an approximate $153 million in unrealized losses.

By February 2026, publicly traded Solana treasury companies collectively faced $1.5 billion in unrealized losses. The falling SOL prices strained share holdings and their DAT holdings.

Bastion Trading, an investment firm that holds nearly 10% of SkyAI, has reportedly called for an independent review. However, it said it would not participate in the buyback, as it was seeking a higher share price of $3.50. Additionally, the company called for limits on insider participation and the exclusion of strategic advisor warrants.

What next for SkyAI and other SOL DAT companies
The SkyAI exit only highlights the massive unrealized loss burden that digital asset treasuries with SOL are facing. The drawdown from the approximate $194 cost basis per SOL has forced SkyAI to prioritize a capital return.

This does not necessarily mean other companies have to follow suit.

SkyAI has described its business as building a financial platform that combines stablecoin rails on Solana with AI. It has not committed to rebuilding its SOL chest, and plans to remain listed on Nasdaq after the buybacks are completed.

Final Summary

SkyAI emptied its SOL digital treasury asset. With $223.1 million in cash on hand, it commenced its cash tender offer to buy back common stock and warrants at $3.00 apiece.
Notably, the DAT strategy began in August 2025 but was dropped because of heavy unrealized losses. The company chose a return to capital over a takeover proposal from Forward Industries.

S&P Global warns that tech giants’ AI infrastructure-related debt could be higher than the amounts they have publicly disclosed.

S&P Global warned on Monday that six major tech firms—Amazon, Microsoft, Alphabet, Oracle, Meta, and SpaceX—may hold higher actual debt and contingent liabilities tied to AI infrastructure than reflected in their public financial data. The rating agency forecasts the six companies will spend over $7 trillion in capital expenditures on data centers and other AI projects between 2025 and 2030, and will maintain negative free cash flow through at least next year. While the rating agency has not broadly downgraded their credit ratings over these concerns, it notes the biggest risk lies in the failure to deliver on expected profits after completing the massive investments.

8 minutes ago

With GTA 6’s imminent release, the related meme coin Dacity has seen its market cap exceed $12 million, surging over 80% in a single day.

According to GMGN market data, the GTA 6-themed Solana-based meme coin Dacity today hit a market cap of over $12 million, currently trading at $10.31 million, with a 24-hour gain of 80.3% and trading volume exceeding $7.9 million. The highly anticipated game *GTA 6* will officially launch on November 19. A scene in its earlier released trailer features the text "Dacity Coin", which is the origin of this meme coin. Furthermore, the meme coin is pegged to Take-Two Interactive Software Inc (TTWO), parent company of GTA 6 developer Rockstar Games, and transaction fees will be distributed to token holders in the form of TTWO stock tokens. BlockBeats reminds users that related tokens are subject to high price volatility, so investors should exercise caution.

8 minutes ago

Bria has trained an 8B-parameter image model using licensed data, matching Qwen in performance; it is open-source but cannot be used directly for commercial purposes.

Beating AI News (Dongcha) – AI image company Bria has launched Fibo 2.0, an 8-billion-parameter model that is the first to integrate text-to-image and image editing capabilities into a single model. Users can edit photos via natural language prompts, or use structured JSON to specify character positions, lighting, and text, minimizing the risk of disrupting other areas when making edits. It also supports mask editing and multi-image reference. Bria has also released a full developer (Dev) version, plus Edit Turbo, an image-editing-accelerated tool that runs inference in just 4 steps. In Artificial Analysis' AA-Image-Editing v2.1 benchmark, Fibo 2.0 tops the open-source model ranking with an Elo score of 1087, slightly edging out Qwen-Image-2.1's 1083. For text-to-image benchmarks, Qwen leads with 1042 points, compared to Fibo's 1039. The gaps in both metrics are not statistically significant, meaning the two models are essentially in the same tier. Fibo 2.0 is trained exclusively on licensed images. Bria has previously partnered with copyright holders including Getty Images, paying for training materials. The model weights are released under the CC BY-NC 4.0 non-commercial license: developers can download them for research and fine-tuning, while commercial use requires a separate agreement with Bria.

8 minutes ago

Bitget has launched stock contracts for ELICE (Elice)

Bitget launches ELICE (Elice Inc.) stock perpetual swap contracts. The contracts are settled in USDT, offer up to 20x leverage, and support 24/7 trading. As of now, Bitget supports a total of 369 stock contract underlyings.

8 minutes ago

iPhone Duo enforces global purchase limits, with each customer allowed to buy only 2 units.

Apple's China official website shows that the iPhone Duo will be released on October 23, with a 2-unit purchase limit per customer. Apple's customer service stated that this purchase restriction applies globally, though the company did not specify the reason. The China domestic price of the iPhone Duo ranges from 15,999 yuan to 26,499 yuan, with pre-orders opening on October 16.
The root cause of the iPhone Duo's supply shortage lies in the process challenges of foldable screens. According to supply chain sources, the mass production yield of the iPhone Duo is only 65%, with a daily output of just a few hundred units, and mass production is ramping up slowly. The complexity of processes such as hinge assembly and flexible screen bonding means initial supply cannot be scaled up quickly. (Jiemian News)

8 minutes ago

Hang Seng Index falls 1%, Tencent’s stock breaks below the HK$400 mark.

According to Bitget market data, the Hang Seng Index closed down 1% in late trading, and the Hang Seng Tech Index fell 1.44%. Tech and internet stocks retreated: Tencent Holdings dropped 3.7% to break below the HK$400 level, while Kuaishou, Meituan, and Bilibili all declined over 2%. AI large model stocks Zhipu AI and MINIMAX-W rose 1.4% and 0.64% respectively.

8 minutes ago

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

This site is protected by reCAPTCHA.

S&P Global warns that tech giants’ AI infrastructure-related debt could be higher than the amounts they have publicly disclosed.

S&P Global warned on Monday that six major tech firms—Amazon, Microsoft, Alphabet, Oracle, Meta, and SpaceX—may hold higher actual debt and contingent liabilities tied to AI infrastructure than reflected in their public financial data. The rating agency forecasts the six companies will spend over $7 trillion in capital expenditures on data centers and other AI projects between 2025 and 2030, and will maintain negative free cash flow through at least next year. While the rating agency has not broadly downgraded their credit ratings over these concerns, it notes the biggest risk lies in the failure to deliver on expected profits after completing the massive investments.

8 minutes ago

With GTA 6’s imminent release, the related meme coin Dacity has seen its market cap exceed $12 million, surging over 80% in a single day.

According to GMGN market data, the GTA 6-themed Solana-based meme coin Dacity today hit a market cap of over $12 million, currently trading at $10.31 million, with a 24-hour gain of 80.3% and trading volume exceeding $7.9 million. The highly anticipated game *GTA 6* will officially launch on November 19. A scene in its earlier released trailer features the text "Dacity Coin", which is the origin of this meme coin. Furthermore, the meme coin is pegged to Take-Two Interactive Software Inc (TTWO), parent company of GTA 6 developer Rockstar Games, and transaction fees will be distributed to token holders in the form of TTWO stock tokens. BlockBeats reminds users that related tokens are subject to high price volatility, so investors should exercise caution.

8 minutes ago

Bria has trained an 8B-parameter image model using licensed data, matching Qwen in performance; it is open-source but cannot be used directly for commercial purposes.

Beating AI News (Dongcha) – AI image company Bria has launched Fibo 2.0, an 8-billion-parameter model that is the first to integrate text-to-image and image editing capabilities into a single model. Users can edit photos via natural language prompts, or use structured JSON to specify character positions, lighting, and text, minimizing the risk of disrupting other areas when making edits. It also supports mask editing and multi-image reference. Bria has also released a full developer (Dev) version, plus Edit Turbo, an image-editing-accelerated tool that runs inference in just 4 steps. In Artificial Analysis' AA-Image-Editing v2.1 benchmark, Fibo 2.0 tops the open-source model ranking with an Elo score of 1087, slightly edging out Qwen-Image-2.1's 1083. For text-to-image benchmarks, Qwen leads with 1042 points, compared to Fibo's 1039. The gaps in both metrics are not statistically significant, meaning the two models are essentially in the same tier. Fibo 2.0 is trained exclusively on licensed images. Bria has previously partnered with copyright holders including Getty Images, paying for training materials. The model weights are released under the CC BY-NC 4.0 non-commercial license: developers can download them for research and fine-tuning, while commercial use requires a separate agreement with Bria.

8 minutes ago

Bitget has launched stock contracts for ELICE (Elice)

Bitget launches ELICE (Elice Inc.) stock perpetual swap contracts. The contracts are settled in USDT, offer up to 20x leverage, and support 24/7 trading. As of now, Bitget supports a total of 369 stock contract underlyings.

8 minutes ago

iPhone Duo enforces global purchase limits, with each customer allowed to buy only 2 units.

Apple's China official website shows that the iPhone Duo will be released on October 23, with a 2-unit purchase limit per customer. Apple's customer service stated that this purchase restriction applies globally, though the company did not specify the reason. The China domestic price of the iPhone Duo ranges from 15,999 yuan to 26,499 yuan, with pre-orders opening on October 16.
The root cause of the iPhone Duo's supply shortage lies in the process challenges of foldable screens. According to supply chain sources, the mass production yield of the iPhone Duo is only 65%, with a daily output of just a few hundred units, and mass production is ramping up slowly. The complexity of processes such as hinge assembly and flexible screen bonding means initial supply cannot be scaled up quickly. (Jiemian News)

8 minutes ago

Hang Seng Index falls 1%, Tencent’s stock breaks below the HK$400 mark.

According to Bitget market data, the Hang Seng Index closed down 1% in late trading, and the Hang Seng Tech Index fell 1.44%. Tech and internet stocks retreated: Tencent Holdings dropped 3.7% to break below the HK$400 level, while Kuaishou, Meituan, and Bilibili all declined over 2%. AI large model stocks Zhipu AI and MINIMAX-W rose 1.4% and 0.64% respectively.

8 minutes ago

Ethereum staking reached a record 43.8 million ETH, or 35.9% of supply, in Q3 2026, according to Bitwise, while yields fell to 2.63%. Solana had 69% of its supply staked.

Ethereum (@ethereum) staking reached an all-time high of 43.8 million $ETH at the end of the third quarter, according to Bitwise's (@Bitwise) latest staking report. The figure represents 35.9% of the total supply.

The milestone came even as returns for stakers continued to shrink, a trend that also showed up on Solana (@solana) $SOL.

Inflows rise for a sixth straight quarter, yields slip Yields moved in the opposite direction.

Bitwise's explanation is that rewards are shared among more participants. The report also points to where the yield comes from: , according to Crypto Economy's summary of the report.

Institutional demand played a role.

The number of validators fell, but Bitwise links that to consolidation rather than unstaking.

Solana leads on share of supply staked The report's coverage also included other networks, with , which leaves Solana with the highest staked share among the networks cited here.

Solana's validator set also shrank. Network activity rose over the same period:

The data suggests staking demand on both networks is holding up despite lower returns, though rising participation may keep compressing per-staker rewards.

SourcesThe Block: Ethereum staking hits record as yields fall and Solana activity grows

Benzinga: Ethereum, Solana, HYPE growth isn't lifting staking yields

FXStreet: Ethereum staking hits record 43.8M ETH as yields fall to 2.63%

3 hours ago

Solana to Launch Alpenglow Upgrade on October 21, One of Network’s Largest Underlying Overhauls Since 2020 Solana will roll out its Alpenglow upgrade on October 21, marking one of the most significant foundational overhauls the network has undergone since 2020. The upgrade will replace the existing validator voting mechanism, aiming to cut transaction finalization time from roughly 6 seconds to 150 milliseconds—an approximate 40x speed boost. At the core of the upgrade is shifting validator voting from on-chain to off-chain, consolidating votes into certificates that enable transaction finalization within 1 to 2 consensus rounds. If mainnet performance meets expectations, Solana’s transaction confirmation speed will approach that of credit card payments or centralized exchanges, enhancing user experiences for meme coin trading, stablecoin payments, and on-chain platforms. The upgrade will also reduce validator costs. Currently, validators pay around 2 SOL in daily voting fees. Post-upgrade, voting fees will be eliminated, replaced by a fixed validator access fee per epoch: 0.8 SOL per ~24-hour epoch, an estimated cost reduction of roughly 60%. However, the testing process faced hurdles. According to Galaxy Digital, since the testnet launched in early May, it has been wiped and restarted from scratch six times. One migration attempt caused a full testnet failure requiring a rollback; subsequent migrations ultimately succeeded, paving the way for the mainnet launch. All issues occurred on the testnet, with no impact on real funds. Per the announcement, the upgrade will begin at the start of Epoch 1064 on Wednesday, and complete the switch at Slot 459,653,000 after a 5,000-slot transition phase.

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Germany's Sparkasse network has started crypto trading in its banking app via DekaBank, covering Bitcoin, Ether, XRP, Solana and Polygon's POL, with a staggered bank-by-bank rollout.

Germany's Sparkasse banking network has begun rolling out crypto trading inside its banking app, bringing Bitcoin ($BTC), Ether ($ETH, @ethereum), XRP ($XRP, @XRP), Solana ($SOL, @solana) and Polygon's POL token ($POL, @0xPolygon) to customers of Europe's largest banking group by assets.

The service went live on October 19, 2026, but access is not yet nationwide. Each local savings bank must switch it on individually, so only customers of participating institutions can use it for now.

How the Sparkasse crypto service worksThe product is called "Krypto, powered by Deka" and is run by DekaBank, the securities house of the Sparkassen group. According to Bloomberg, the rollout will be gradual over the coming months, and each Sparkasse decides on its own whether to offer it. DekaBank handles trade execution and custody. Customers open a separate crypto account with DekaBank inside the app's investing section, and a securities account is not required.

The fee is reported at €0.99 per order. DekaBank's announcement does not detail other costs such as spreads, according to fund research outlet e-fundresearch. Reporting also says the service is aimed at adult, self-directed investors and that no investment advice is given.

Sparkassen-Finanzgruppe is described as the largest financial services group in Germany and Europe by assets. Crypto assets held through the service are not covered by statutory deposit insurance, BeInCrypto notes.

Rollout pace and regulatory backdropOnly a handful of banks were live at launch. More than 230 institutions have reportedly expressed interest, and 30 to 40 additional banks are expected to join each month. Joachim Schmalzl of the German Savings Banks Association (DSGV) said it is for each savings bank to decide when to start, according to dpa. The association is aiming for a large share of interested banks to be connected in the first half of 2027.

The move marks a reversal for the group. Bloomberg reports that the Sparkassen long rejected crypto offerings and that its bodies recommended against crypto trading about four years ago because of the risks. The shift was justified by customer demand and a changed regulatory framework.

DekaBank received its licence under the EU's Markets in Crypto-Assets rules (MiCA) from Germany's BaFin in 2025, which lets it bundle trading, custody and customer support in one place, according to Bloomberg and e-fundresearch.

Sources:

Bloomberg via Yahoo Finance: Deka startet Bitcoin-Handel nach Sparkassen-Richtungsschwenke-fundresearch: DekaBank startet Kryptohandel fuer Sparkassen-Kunden

Solana Alpenglow, the network’s largest consensus overhaul since its 2020 launch, went live on Wednesday, October 21, 2026.

The upgrade replaces the TowerBFT consensus system and targets block finality of about 150 milliseconds, roughly 85 times faster than the previous 12.8 seconds.

Anza, Solana’s core software team, confirmed activation at approximately 14:00 UTC, tied to the start of epoch 1064 at slot 459,653,000.

What Alpenglow Changes for Solana Validators and Users
The upgrade introduces Votor, a new consensus mechanism where validators exchange votes directly and bundle them into certificates off-chain.

Blocks can now finalize in one to two voting rounds instead of multiple on-chain cycles.

That shift also clears blockspace previously consumed by voting transactions, freeing capacity for regular users and applications.

Validator economics improve notably under Solana Alpenglow. Daily vote fees of roughly 2 SOL are replaced by a fixed 0.8 SOL entry ticket per epoch, approximately every 24 hours.

Anza projects that translates to about 60% lower operating costs for validators. Lower costs could broaden validator participation and strengthen network resilience over time.

The path to activation was not smooth. Testnet launched in early May 2026 and went through six full wipes and restarts.

One network-wide migration failed and was rolled back before a later attempt succeeded. Galaxy Digital was among roughly 100 testnet validator operators that participated.

Anza described Wednesday’s mainnet handoff as “18 months of work for a migration that happens in one slot.”

Prior coverage of the Alpenglow upgrade on public testnet tracked the staged validator rollout and the conditions needed before a mainnet date was set.

For practical use, faster finality addresses a real friction point. Under the old system, price could move before a trade locked, and exchanges or payment apps often waited before treating deposits as settled.

At 150 milliseconds, confirmation times approach centralized exchange speeds. By comparison, Ethereum’s full finality takes around 13 minutes.

Investor and Ecosystem Implications as Alpenglow Activates
The Solana Alpenglow activation sharpens the network’s case for DeFi, payments, tokenization, and institutional adoption.

Near-instant finality reduces settlement risk for high-frequency trading and real-world asset applications.

Ecosystem activity on Solana has been building ahead of and alongside the upgrade. Pump.fun’s perpetual futures expansion, powered by Hyperliquid infrastructure, is one sign that Solana-based platforms are broadening their product scope beyond memecoins.

Institutional interest in Solana has been growing in parallel.

Hong Kong listed its second spot Solana ETF on October 13, with Pando Finance undercutting the incumbent ChinaAMC fund on fees at 0.6% annually, a sign of deepening institutional access to Solana.

On the treasury side, DeFi Development expanded its Solana holdings to 2.59 million SOL, adding 22,070 SOL in a recent purchase, signaling continued corporate conviction in the asset.

SOL was trading around $107 ahead of activation, though it has faced selling pressure over the past week amid a broader market pullback.

Earlier price analysis, which mapped $90 and $110 as the key levels to watch into the Alpenglow launch, set the range investors have been monitoring.

Real-world mainnet finality metrics, as opposed to testnet results, which showed medians as low as 54ms, will be watched closely in the coming days as a signal of whether Solana Alpenglow delivers on its benchmarks at full production scale.

Notably, the Rotor component, Alpenglow’s data dissemination phase, is not yet scheduled for mainnet.

That means the full upgrade is still staged, and further performance gains remain ahead if Rotor ships successfully.

Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

In BriefTron (TRX): trades at $0.3314 in a tight $0.32 to $0.35 range, with support at $0.3285 and resistance at $0.334.Solana (SOL): trades at $104.43 after a pullback from $125, with buyers defending the $98 to $100 support area.XRP: trades at $1.29 beneath a stack of resistance, and the $1.25 support will decide the next move.Shiba Inu (SHIB): trades at $0.00000499, right at $0.000005, with the $0.00000480 support in focus.What to expect from XRP in October?XRP is trading at $1.2995 after a steady slide through October. The token climbed sharply in August from about $1.00 and reached a high near $1.70 before pulling back. A second push in September failed near $1.65, and the price has been falling since.

XRPUSDT Chart by TradingViewThe drop has pushed XRP beneath the black 200-day moving average near $1.375 and the orange average near $1.335. Both lines now act as resistance. The blue and cyan averages near $1.38 to $1.41 are also above the price. This stack of resistance makes any quick recovery difficult.

The nearest support is the recent low near $1.25, where buyers stepped in last week. If that level breaks, the next targets are $1.15 and then $1.07, a zone that held during the summer.

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Volume has dropped during the decline, which means that sellers are not very aggressive, but buyers are also staying away. The RSI is near 40, a weak reading that is close to oversold. This indicates that momentum is negative, but a quick bounce could come at any time.

For bulls, the primary goal is to reclaim $1.335 and then $1.375. A close above the 200-day average would be a strong signal that the drop is over. For bears, a daily close beneath $1.25 could open the way to $1.15. XRP remains in a weak spot, and the $1.25 support will decide the next move.

Shiba Inu pushes through issuesShiba Inu (SHIB) is trading at $0.00000499, right at the round $0.000005 level. The token failed to hold the high near $0.00000625 in September and has been falling since. The black 200-day average near $0.00000560 has stopped every rally attempt.

Since early October, SHIB has dropped beneath the green, cyan, blue, and orange averages. These lines now sit between $0.00000526 and $0.00000545, and all slope downward. This makes the area above $0.00000520 a strong resistance zone.

SHIB/USDT Chart by TradingViewThe key support is the recent low near $0.00000480. SHIB bounced from it twice last week. A break beneath it would open the way to $0.00000440 and then the July low near $0.00000405.

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Volume is falling, so the selling pressure is easing, but there is no real buying interest yet. The RSI is near 40, which is weak but not oversold. Momentum still favors sellers.

For bulls, the plan is to maintain $0.000005 and then reclaim $0.00000526. A move above $0.00000545 would show that the trend is turning. For bears, a daily close beneath $0.00000480 would be a clear warning signal. SHIB remains in a weak short-term trend, and the $0.00000480 support is the level to watch.

Tron (TRX) keeps slidingTron (TRX) is trading at $0.3314 after a slow slide over the last few weeks. The token peaked near $0.375 in late May, then dropped sharply and has since moved in a narrow range between $0.32 and $0.35. This sideways movement has lasted for months, which suggests a balance between buyers and sellers.

The price now sits just below the orange and blue moving averages, both near $0.333 to $0.334. These lines act as resistance and have stopped every bounce in recent days. The short green and cyan averages are also above the price, so the near-term picture leans to the downside.

TRON/USDT Chart by TradingViewThe key support is the black 200-day moving average near $0.3285. TRX touched this line in mid-October and bounced, and it did the same in early September. Each time, buyers stepped in. This makes the $0.325 to $0.329 area very important. If it breaks, the next targets are $0.320 and then the June low near $0.315.

The RSI is near 45, which is neutral. It has not reached oversold levels, so the price could still dip before a strong bounce. Volume has been falling for several days, which suggests that sellers are not pushing very hard, but buyers are also quiet.

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For bulls, the first step is to climb back above $0.334 and clear the cluster of averages. A move above that could open the way to $0.345 and then $0.350. For bears, a daily close below $0.3285 would be a clear warning signal and could start a deeper drop.

TRX is stuck in a tight range, and a break in either direction will likely set the next trend. Until then, the $0.3285 support and the $0.334 resistance are the levels to watch.

Solana (SOL) key level must be protectedSolana (SOL) is trading at $104.43 after a sharp pullback from its September high near $125. The token rose strongly in August, climbing from about $75 to above $110, and later made a new high before sellers took over in October.

The recent drop pushed the price beneath the green and blue moving averages, which now sit near $109 and $106. These lines have turned into resistance. SOL has tried to bounce several times in the past week, but every attempt has failed below $108. This suggests that sellers still control the short-term trend.

SOL/USDT Chart by TradingViewThe most important support is the $100 level, where the orange moving average sits. The black 200-day average is just beneath, near $98. Together, these lines form a strong support area between $98 and $100. SOL touched $100 last week and bounced, which suggests that buyers are defending this area. A break beneath it could open the way to $92 and then $88.

The RSI is near 40, a weak reading that is close to oversold. Volume has dropped during the pullback, which often means the selling is losing strength. Still, there is no clear signal of a reversal yet.

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For bulls, the plan is to hold $100 and then reclaim $108. A close above that level could open the way to $116 and a new test of the $125 high. For bears, a daily close beneath $98 could break the 200-day average and shift focus to $92. The bigger trend is still positive because the long-term averages point up, but the short-term move is down. The $98 to $100 zone will decide the next direction.

Solana’s core protocol is set for a significant overhaul with the introduction of the Alpenglow upgrade, which targets a reduction in finality time to approximately 150 milliseconds. Currently, the Solana network operates with a finality time of about 12.8 seconds. This update is designed to enhance Solana’s competitiveness with traditional payment systems, potentially attracting more institutional use. Galaxy, a key player in the crypto space, has been testing this major update since its early development stages.

Key Takeaways

The Alpenglow upgrade appears to significantly reduce Solana’s finality time, which could position it more favorably against traditional payment systems.
Market pricing suggests that participants are evaluating the potential impact of this update on Solana’s adoption and price movement.
The upgrade’s successful implementation on Solana’s mainnet could bolster confidence in the network’s technological advancements.

What to Watch
Observers should monitor the activation of the Alpenglow upgrade on Solana’s mainnet, which may indicate a pivotal moment for the network. Key actors such as Solana Labs and Galaxy are central to this transition. The potential effects on Solana’s market value, particularly in relation to reaching the $190 price mark in October, remain an area of focus. Further developments in regulatory stances or technological integrations could also influence market sentiment.

Term Structure

Contract
Odds
Δ since publish
Volume 24h

November 1 2026
0.5%
0.0¢
$70
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November 1 2026
3.4%
+1.4¢
$506
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November 1 2026
11%
0.0¢
$2K
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November 1 2026
2%
-1.2¢
$3K
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November 1 2026
0.2%
-0.2¢
$20
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November 1 2026
0.6%
0.0¢
$629
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November 1 2026
1.1%
0.0¢
—
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November 1 2026
1.8%
0.0¢
$827
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November 1 2026
1.1%
0.0¢
$659
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November 1 2026
0.1%
0.0¢
$195
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November 1 2026
0.1%
0.0¢
$7K
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November 1 2026
7%
0.0¢
$2K
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November 1 2026
0.4%
0.0¢
$406
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November 1 2026
1.8%
+0.4¢
$2K
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November 1 2026
52%
-4¢
$6K
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Updated 7min ago

Ethereum staking hit a new record in the third quarter of 2026, but investors found themselves earning smaller yields as rewards were spread across a wider pool of staked ETH.

According to Bitwise's latest quarterly staking report, 43.8 million ETH, which is nearly 36% of the total supply, was locked into staking at the end of September. At the same time, annualized staking yields averaged 2.63%, down from 2.81% in the prior quarter.

"As more ETH is staked, rewards are distributed across a larger pool, reducing the yield earned on each ETH," the researchers wrote.

Staked Ethereum QoQ. Source: BitwiseInstitutional staking drives Ethereum inflowsEthereum recorded net staking inflows of just under 2 million ETH in the third quarter, its sixth consecutive quarter of positive flows.

Institutional staking has been a big driver of these flows. Bitwise pointed to Bitmine, the leading Ethereum treasury company led by Tom Lee, whose staking rose more than 1,000% from 410,000 ETH in December to 5.07 million ETH as of Sept. 27.

Newly issued ETH accounted for more than 96% of Ethereum's staking yield, leaving the rest to come from transaction tips and revenue from ordering transactions (MEV).

In the same period, Ethereum network revenue fell to roughly $40.6 million from $63 million in the second quarter.

Solana staking hits record 69% of supplySolana's active staking numbers also hit a record, climbing to 440.5 million SOL, totaling 69% of the total supply. Similar to Ethereum, gross staking yields fell around 6%, with newly issued tokens making up 90% of returns.

The network recorded 14.2 billion transactions, up 45% from the second quarter, while average transaction costs stayed mostly flat.

Solana Non-Vote Transactions. Source: BitwiseTransaction fees jumped 49% to $76 million, driven mostly by memecoin trading. Tokenized equities trading volume climbed 45% to more than $6.9 billion.

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Ethereum, Solana, HYPE Growth Isn’t Lifting Staking Yields: Bitwise

Solana co-founder Anatoly Yakovenko has said Alpenglow could have shipped in half the time through a simpler vote-program change, ahead of the Oct. 21 consensus migration that will remove validator vote transactions from blocks.

Summary

Yakovenko said a simpler vote-program change could have halved Alpenglow’s development time. Removing validator vote transactions will lower headline TPS counts without necessarily changing user activity. A burned 0.8 SOL admission fee per epoch will replace individual voting fees. Some RPC nodes may receive finality updates later than Alpenglow’s 150-millisecond target. Yakovenko, in an Oct. 21 X post, made the remark while quoting a comment celebrating the planned removal of on-chain votes and mocking the recurring criticism that most Solana transactions per second consist of validator votes.

“Alpenglow would have shipped in half the time if they just changed the vote program to the ag state machine”

Anza’s published design describes a replacement for TowerBFT, the system validators have used to agree on blocks, with direct voting and compact certificates.

The mainnet migration has been scheduled for Oct. 21, as crypto.news previously reported while covering the planned consensus handoff. Solana Foundation’s updated guidance identifies epoch 1064 as the trigger and estimates its start at approximately 13:20 UTC.

Anza’s migration page separates feature activation from the consensus handoff. The migration boundary comes 5,000 slots later, when blocks temporarily carry only votes while validators complete the transition.

Alpenglow removes votes from headline transaction counts Solana Foundation’s migration guidance tells explorers and analytics services to reset transaction-count and TPS baselines because vote transactions will disappear from blocks. A total that includes votes will fall even if payments, trades, and other non-vote transactions remain unchanged.

The Foundation says services tracking validator participation must replace their reading of Vote program instructions with certificate data in block footers. Its guidance notes that Yellowstone’s gRPC footer message does not yet forward those certificates.

Developers had access to the changed behavior when Alpenglow reached devnet in September, after the testnet transition. The Sep. 26 coverage described how explorers must keep competing candidate blocks separate until confirmation, retaining the selected block instead of combining their transactions.

Anza’s operator documentation explains how plugins obtain the replacement metadata. Agave 4.3 provides an optional block-footer notification, which services must enable and implement if they need footer data. Those notifications retain their ordering relative to entry notifications.

Under the same documentation, the chain’s clock keeps its existing format and whole-second precision. During transaction execution, its timestamp estimates when the parent block ended, and operators are told to keep treating that value as approximate.

Validator fees move to a separate epoch charge Solana Foundation’s fee documentation says removing on-chain votes ends fees paid on individual vote transactions. Validators instead pay a flat 0.8 SOL admission charge per epoch, with the entire amount burned.

The money comes from the vote account, replacing the identity account as the source of voting-related payments. Operators must hold the charge above the account’s rent-exempt minimum, according to the same guidance.

Payment is made one epoch ahead. The first charge at the start of epoch 1064 covers participation in epoch 1065, and a validator that cannot pay loses permission to vote or produce blocks in the following epoch.

The Foundation says BLS public-key registration became available on mainnet July 8, while the admission feature activated July 22. Those preparatory changes did not themselves activate Alpenglow consensus.

Before the migration, its checklist requires version 4.3.2 of Agave, Jito-Solana, or Harmonic Salsa. Firedancer and Frankendancer are not supported during the handoff, according to the Foundation’s operator instructions.

Two voting paths replace TowerBFT Anza describes Votor as running two voting paths at the same time. One finalizes a block in a single round with responses from 80% of stake, while the second uses two rounds and 60% thresholds.

Votes become direct messages signed with BLS cryptography, allowing multiple signatures to be combined into a compact certificate. Anza says validators use their own timers to identify an unresponsive leader and vote to skip it.

The published SIMD-0326 proposal documents alternatives considered during development. A design without single-round finality offered simpler operation and 33% Byzantine fault tolerance, but its authors listed worse latency and lower crash resilience among the disadvantages.

Another alternative used a directed acyclic graph, with possible bandwidth savings. The proposal’s authors listed latency and difficulty using bandwidth fully among its drawbacks.

The proposal caps the admitted set at 2,000 validators, prioritizing the highest-staked operators. Its authors explain that the limit helps keep certificates small enough for a single UDP message, while participation records support rewards for validators that actively vote.

Governance approval preceded implementation. In September 2025, the Alpenglow proposal passed with 98.27% support among votes cast, while participating stake represented 52% of the total, according to the completed ballot’s published figures.

RPC delivery can lag behind consensus finality Anza’s operator documentation qualifies the roughly 150-millisecond finality target by explaining that nodes outside the admitted validator set may receive the result later.

Through the default path, those nodes learn finality from certificates included in a subsequent block. Anza says that can add up to one produced-block interval, with longer waits when blocks are skipped or delayed.

An admitted validator can send consensus messages directly to a partner node, leaving network latency between the partners as the main added delay. If every configured partner becomes unreachable, the recipient falls back to learning finality from later block footers.

Ethereum and Solana have reached significant milestones in staking, according to a report by Bitwise. Ethereum’s staking surged to 43.8 million ETH, representing 35.9% of its total supply. Meanwhile, Solana saw 69% of its supply staked by the end of the third quarter. This development highlights the growing interest in proof-of-stake networks, with both Ethereum and Solana experiencing increased staking participation.

The report indicates a robust inflow of staking activity, with Ethereum recording nearly 2 million ETH in net staking inflows during the quarter. However, Ethereum’s annualized staking yield has seen a decline, dropping to 2.63% from 2.81% as rewards are distributed over a larger base. Solana’s increased staking percentage reflects growing confidence in its network, which could influence market perceptions and valuations.

Market participants are closely monitoring these developments, as they suggest a positive outlook for both Ethereum and Solana’s economic models. The increase in staking activity is typically seen as an indicator of network strength and user confidence, potentially impacting the price dynamics of their native tokens.

Key Takeaways

Ethereum’s staking has reached a record 43.8 million ETH, locking up 35.9% of its supply.
Solana has 69% of its total supply staked, suggesting increased confidence in its network.
Market participants may view these developments as consistent with a supportive environment for both Ethereum and Solana.

What to Watch
Observers will be attentive to how Ethereum and Solana’s network upgrades and staking developments influence their respective market prices. Any further increase in staking participation could indicate continued confidence in these networks. Additionally, regulatory developments and technological upgrades, such as Solana’s Alpenglow activation, could also play a crucial role in shaping market expectations and outcomes.

Term Structure

Contract
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$70
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Updated 5min ago

Bitcoin holds near $82,000 as Ethereum lags and Solana, Aerodrome and Ondo edge higher. October 20 analysis tracks key support, resistance, and daily signals.

Asset
Aggregate USD price
Rolling 24-hour change
Aggregate 24-hour volume

Bitcoin (BTC)
$82,013
−0.48%
$25.37 billion

Ethereum (ETH)
$2,410.99
−0.43%
$9.21 billion

Solana (SOL)
$105.17
+0.08%
$2.56 billion

Aerodrome Finance (AERO)
$0.808417
+1.20%
$44.09 million

Ondo (ONDO)
$0.441386
+1.58%
$100.25 million

Bitcoin’s MACD Improves Without a Bullish Crossover
Bitcoin closed October 19 at $81,843.70, down 0.19%, after reaching $83,100. The session traded above the $82,538–$82,826 resistance area identified in Monday’s report but failed to hold above it at the close. That was an intraday move through resistance, not a confirmed daily breakout.

BTC/USD daily MACD (12,26,9) remains below its signal despite a less-negative histogram, while the latest session fails to close above $83,100.
Daily MACD, using 12- and 26-period exponential averages with a nine-period signal EMA, remained bearish. Its line fell to −10.68 against a 393.08 signal.

The histogram improved to −403.76 from −456.84, indicating a narrowing gap between the lines rather than a bullish crossover. The MACD line also crossed below zero on the completed candle.

The latest completed four-hour histogram was positive at 73.83, showing stronger short-term momentum than the daily reading.

CoinGecko’s quote was nevertheless 0.50% below Monday’s $82,428 report snapshot, a separate comparison from its rolling 24-hour change.

A daily close above $83,100 would strengthen a recovery toward $84,049–$84,250, the cluster of October 12–14 highs.

Losing $81,648 on a daily close would weaken the latest rebound and expose $80,568. A close below the October 15 low at $79,709 would invalidate that recovery structure.

Ethereum’s RSI Remains Below Neutral
Ethereum closed at $2,405.43, slipping 0.09% after a $2,382.78–$2,443.70 session. The daily chart remains below the October 16 high at $2,490.84 and the earlier $2,527–$2,535 resistance area, leaving the broader October pullback intact.

ETH/USD daily RSI (14, Wilder) holds at 37.87 as Ethereum trades below $2,443.70 resistance and above the October 15 low at $2,313.42.
The 14-day RSI, calculated with Wilder smoothing, eased to 37.87 from 38.03. It remained below the neutral 50 line without reaching the conventional 30 oversold threshold.

This points to weak momentum, not a standalone signal that a rebound is due. Four-hour RSI was firmer at 47.54 but also below neutral.

Ethereum’s aggregate quote was 0.60% below the $2,425.66 snapshot in the October 17 edition.

The earlier downside reference at $2,313.42 remains intact, although subsequent sessions have not produced a sustained recovery.

A daily close above $2,443.70 would improve the immediate structure and bring $2,490.84 into focus. Clearing that second level would strengthen the case for a test of $2,527–$2,535.

Conversely, a close below $2,382.78 would expose $2,354.01 and $2,326.25. Losing $2,313.42 on a daily close would invalidate the developing base.

Solana Rebounds Beneath Two Falling Averages
Solana gained 0.89% on its completed daily candle to close at $104.95. That extended the recovery from Sunday’s $100.34 low, but the close remained below the 50-day exponential moving average at $106.75 and the 20-day EMA at $108.96.

SOL/USD daily candles recover from $100.34 but remain below declining 20-day and 50-day EMAs at $108.96 and $106.75.
Both averages declined from the previous session. The faster 20-day average remained above the 50-day average, so the chart did not produce a new bearish crossover.

The relevant signal is simpler: price remains beneath two falling trend references.

Four-hour price action was less weak. The latest completed close stood above its 20-period EMA at $104.28 but below the 50-period EMA at $106.01.

This supports a short-term rebound interpretation without overturning the daily trend.

A daily close above Monday’s $106.08 high would put the 50-day EMA in reach. A subsequent close above $108.91–$108.96, where the October 13 high meets the 20-day EMA, would materially improve the recovery toward $111.92–$113.27.

Failure to hold $103.43 would weaken that scenario and bring $101.00 into view. A daily close below $100.34 would invalidate the latest rebound.

Aerodrome Loses Support Despite Its 24-Hour Gain
Aerodrome’s positive rolling return contrasts with a weaker completed daily chart. It closed October 19 at $0.7957, down 0.39%, following Sunday’s close below $0.8300. The October 16 report had identified that level as the invalidation point for the earlier recovery.

AERO Price Analysis 2026 10 20
The latest aggregate quote was 12.08% below that report’s $0.919539 snapshot. This is a multi-day comparison, not the coin’s current 24-hour performance.

Daily Bollinger Bands, using a 20-day simple moving average and two population standard deviations, placed the midpoint at $0.8516 and the lower band at $0.7481.

Price remained below the midpoint but inside the bands. The reading shows a weakened recovery, not an automatic buy signal near the lower band.

Monday’s $0.7636 low nearly matched the October 2 low at $0.7635, establishing a visible support test.

A daily close above $0.8090 would be an initial improvement; reclaiming $0.8516–$0.8574 would recover the band midpoint and Sunday’s high, strengthening a move toward $0.9045.

A close below $0.7635 would invalidate the support hold and expose the lower-band reference near $0.7481, which will change with subsequent closes.

Ondo Tests the First Retracement of Its Latest Decline
Ondo closed at $0.43493, up 0.10%, after recovering from Sunday’s $0.41049 low. The rebound remained small relative to the decline from the October 12 swing high at $0.53150.

AERO/USD daily Bollinger Bands show price below the $0.8516 midpoint after losing $0.8300 support, with repeated lows near $0.7635.
Fibonacci levels measure an upward retracement of that specific October 12–18 downswing.

The 23.6% level is $0.43905, 38.2% is $0.45672, the 50% midpoint is $0.47100 and 61.8% is $0.48527. Monday’s completed close remained below the first level.

The live October 20 Kraken candle subsequently reached $0.44373 and last traded at $0.44139 in the captured response.

That put price above 23.6% intraday, but it did not confirm a daily close above the retracement.

A daily close above $0.44496, Sunday’s high, would strengthen the rebound toward $0.45672.

Clearing that level would improve the approach to $0.47100 and the October 16 high at $0.47649. A daily close below $0.42764 would weaken the immediate recovery, with $0.42200 and $0.41049 next.

A new low below $0.41049 would invalidate these retracement anchors and require recalculation.

Sparkasse Savings Banks Open Crypto Trading in Germany Alongside Usual Banking

Cardano founder Hoskinson has released Quinelings, open-source programs that can rebuild their own code and take the shape of creatures. However, a Solana meme coin borrowing the name crashed within hours.

The project builds on quines, decades-old programs that print their own source code. Hoskinson calls his versions digital lifeforms.

What Do Cardano Founder Hoskinson’s Quinelings Actually Do?In his launch video, programs typed into terminals turn into creatures that feed, reproduce, and die.

Each Quineling starts as written steps for a task, supplied by a person or an AI agent. Its moving body maps every one of those steps.

Branching tasks grow fractal bodies, while simpler ones form sunflower-like petals. The project’s website shows five examples, including a route finder and a job scheduler.

Visitors can run each task and click a body region to see that step’s values. A copy button rebuilds the program from its own source and checks the answer.

Before a program is built, its compiler rejects tasks that exceed fixed size limits or contain endless loops.

In a section called the Ranch, two programs can produce a child. One parent’s result can feed into the other’s task, but only when value types and units match.

For now, every example runs as a local browser simulation.

The release extends Hoskinson’s AI focus. In September, he predicted crypto will eat AI. Earlier this month, he dismissed Vitalik Buterin’s AI warning as self-serving. Before that, he released a free watermark removal tool for Anthropic’s Claude.

Why Did a Copycat Meme Coin Crash Within Hours?The repository never mentions Cardano, blockchain, or tokens.

Quinelings (Solana) Market Cap. Source: DexScreenerStill, a Solana meme coin called Quinelings appeared on PumpSwap shortly after the post.

Its DexScreener page links to Hoskinson’s GitHub and X post. However, nothing confirms that the Cardano founder is involved.

The coin lost more than 90% of its value within hours.

Famous names often move such tokens. In August, a Musk raccoon post sent the JIMOTHY meme coin up 331%.

Bots can buy the instant such tokens go live, leaving later buyers with losses.

Cardano founder Hoskinson presents Quinelings as a research prototype, not a token. Its stated aim is to make AI agents’ tasks easy to keep, inspect, and share.

Solana traded above $100 after enduring several sessions of selling pressure, with renewed buying activity helping to defend this key support. Over the last week, buyers consistently stepped in whenever prices dipped near the $100 threshold, as reflected by long lower wicks on daily candlesticks.

Trading volume increases amid persistent ETF outflowsDespite a 1.6% decline in the past 24 hours, Solana’s price held above the $103 mark. Trading volume increased by 1.18%, pointing to higher market participation, though it remains unclear whether buyers or sellers will gain the upper hand in the coming sessions.

On the institutional side, investor sentiment remained cautious. Data from SoSoValue indicated that Solana-linked exchange-traded funds (ETFs) saw 11 consecutive days of net outflows, with more than $60 million withdrawn in October. This marks a sharp reversal from September, when ETF products recorded inflows totaling approximately $272 million.

MonthNet ETF FlowSeptember+$272 millionOctober (to date)-$60 millionThis divergence creates a mixed backdrop for Solana. While spot buyers continue to absorb selling near $100, ETF investors are steadily reducing their exposure. Analysts have noted that a return of positive fund flows could reinforce a more sustained recovery in the future.

Alpenglow upgrade aims to boost network speedLooking ahead, the Solana network is preparing for the Alpenglow upgrade, set for mainnet activation at Epoch 1064 on October 21. The upgrade, currently in testing on Solana’s testnet and devnet, is designed to drastically cut finality times from roughly 13 seconds to around 150 milliseconds.

Shorter finality means users will see their transactions become irreversible much faster, rather than simply improving submission speeds. This enhancement is expected to attract greater interest and activity on the network. However, market observers cautioned that successful deployment does not necessarily guarantee an immediate price rally.

Mini dictionary: Alpenglow upgrade, an upcoming Solana network improvement, seeks to reduce transaction finality times to approximately 150 milliseconds, making transfers irreversible much more quickly and enhancing network efficiency.

Key resistance levels and market outlookFor Solana to confirm a bullish reversal, it must break above resistance in the $107–$108 range, an area where several past rallies have stalled. If this barrier is crossed, the next level in focus is $114, considered essential for invalidating the current bearish structure. Sustained price action above $114 could potentially pave the way for a move toward $120.

Until then, maintaining support at $100 signals price stabilization, but not a definitive upward trend. Technical analysis shows that the Relative Strength Index (RSI) on the daily chart remains below 40, reflecting weak momentum. A rise in the RSI would offer stronger evidence of improving buying pressure.

Traders expect that if the Alpenglow upgrade is completed successfully and Solana breaks above these resistance levels, the price could reach $150 in the coming weeks. This outlook depends on continued support at $100, overcoming resistance, and ongoing demand.

With a light economic calendar giving traders a chance to focus on network developments and price action, attention remains fixed on whether Solana can translate repeated buying interest at $100 into a sustained advance above key resistance levels. Broader market risks, however, continue to shape overall sentiment.

Solana is about to swap out the engine of its consensus system. A readiness snapshot shared on X flagged 151 Solana validators, holding 20.3% of the network’s stake, as unprepared for the Alpenglow upgrade. Alpenglow is expected to activate on October 21, 2026, at approximately 13:20 UTC. The snapshot was taken on October 20, one day before the switch.

What validators need before the switch
Validators who want to keep voting on blocks need three things in order.

First, they must run an Agave-based client at version 4.3.2. Agave is the validator software that most of the network runs. Older versions won’t satisfy the new rules.

Second, each validator needs a registered BLS public key. BLS is a cryptographic signature scheme that lets many individual signatures be combined into one compact proof. Under Alpenglow, those signatures get aggregated off-chain into what the design calls certificates.

Third, every validator must keep at least 0.8 SOL in its vote account. That balance covers a new flat fee tied to the Validator Admission Ticket, or VAT, model.

Per the research findings, most of the 151 flagged validators fell short for fairly mundane reasons. The main culprits were outdated client versions or vote accounts with too little SOL.

Why Alpenglow is a big deal for Solana
The headline feature is speed. The new voting component, called Votor, aims to cut finality from roughly 12.8 seconds to about 150 milliseconds.

Alpenglow also retires TowerBFT, the voting mechanism Solana has used to reach agreement on the state of the chain. In its place comes an architecture where votes are bundled as aggregated BLS signatures instead of being processed one by one.

The upgrade also caps the active validator set at 2,000, ranked by stake weight.

Community support for the overhaul was close to unanimous. The proposal passed with 98.27% approval in September 2025. Testing then ran across various network environments throughout 2026.

Only the first phase goes live in October. That covers Votor plus the VAT and BLS requirements. Further enhancements are slated for later stages.

Readiness has improved, but the gap remains
The 20.3% figure actually reflects progress. Earlier readiness trackers showed about 45% of stake, roughly 198 million SOL, failing to meet all the criteria ahead of the upgrade.

Stake matters more than headcount here. Solana’s voting power is weighted by how much SOL is delegated to each validator. So 151 validators holding 20.3% of stake carry far more weight than their raw number suggests.

What this means for SOL holders and the network
For validators, the stakes are straightforward. Operators who miss the requirements could find themselves unable to participate in voting once the new rules take effect. Everyone delegating SOL to those validators would be exposed to that outcome as well.

Stakers may want to check whether their chosen validator is running Agave 4.3.2 and has its BLS key registered.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.

SkyAI has turned a treasury built around SOL into cash for a tender offer. Its latest SEC exhibit says it no longer holds the token, yet its description of the business still includes a financial platform on Solana. The transaction leaves a concrete question for shareholders who bought a stock marketed as a way to own more SOL per share. What business and assets would they own if they decline $3 in cash?

Summary

SkyAI said on October 19 that it held $223.8 million in cash and no SOL as of October 16. The tender seeks up to 67.1 million shares and warrants at $3 each, or roughly $201.3 million. Eligible holders have until October 29 to tender unless SkyAI changes the deadline. The offer covers up to 95% of each of four eligible security classes. Bastion Trading has demanded a tender price of at least $3.50 per eligible security. SkyAI has completed the sale of its Solana treasury and started a cash tender offer that could buy up to 95% of its shares and three classes of warrants. Its October 19 SEC exhibit reports $223.8 million in cash and no SOL as of October 16. The company offers $3 per eligible share or warrant, with a maximum cash purchase price of approximately $201.3 million if the offer is fully subscribed.

The number is large against the assets left on the balance sheet. Dividing the maximum $201.3 million purchase price by $223.8 million cash gives approximately 89.9%. That calculation does not predict what will be spent. The tender has minimum participation conditions, individual holders can decline, and the company must pay fees and retain enough resources for any continuing operations. The filing puts the decision in front of four different classes of owners, not only holders of ordinary stock.

The SOL position disappeared in stages The transition did not happen in one disclosed trade. SkyAI said in its October 11 announcement that it had sold approximately 1 million SOL, roughly half of its then reported holdings. An October 14 update put the remaining position at around 210,000 locked SOL and $204.6 million in cash. By the October 16 measurement used in the October 19 release, the company reported no SOL and $223.8 million cash. The records establish a sequence of shrinking holdings, but they do not supply a complete execution ledger of each token sale, price and trading venue.

The initial sale of roughly 1 million SOL, covered by crypto.news last week, was part of the announced funding plan for a tender. The October 19 update went further by saying the rest had been sold. The company says the new offer is no longer conditioned on the SOL price, a condition it had initially expected to include when announcing the proposed transaction on October 11. Holding no SOL removes that particular market condition from the offer terms, although other conditions remain.

SkyAI began its Solana treasury strategy under its former name, Sharps Technology. In August 2025, it raised more than $400 million in a private placement tied to building a corporate SOL reserve. At the end of 2025, the firm reported approximately 2.08 million SOL with an aggregate cost basis near $403.1 million and a year end fair value around $250.1 million. Those are accounting reference dates. They are not the price or proceeds realized from the sales in October 2026.

The difference between a cost basis and later sale proceeds requires care. Staking rewards, additional purchases, disposal dates and changes in token price can change the total. Multiplying an old token count by today’s market quote would produce a hypothetical value, not the amount the company received. The October 19 cash balance contains the proceeds left after sales alongside any preexisting cash and subsequent movements. Neither it nor the original capital raise alone reveals realized profit or loss on every SOL lot.

SkyAI described a Solana treasury holding more than 2 million tokens as recently as September 14, according to the sequence of company disclosures cited in Bastion Trading’s October 14 letter. Bastion asked for transaction dates, quantities, average realized prices, gross and net proceeds, costs and the authorization process. Those are requests from an interested shareholder, not findings that management violated a disclosure rule. The updated release confirms a complete exit but does not provide the trade by trade account Bastion demanded.

The tender has four separate participation tests SkyAI offers to buy up to 48,311,489 common shares, 4,880,734 cash pre funded warrants, 9,939,850 cryptocurrency pre funded warrants and 3,955,293 strategic warrants. Together the ceilings total 67,087,366 securities. At $3 apiece, the simple product is $201,262,098, which rounds to the company’s stated $201.3 million maximum before the small exercise price adjustment for warrants. The actual amount accepted depends on participation and the conditions in the offer documents.

Each ceiling represents 95% of its class. A holder of a warrant need not first exercise it into a common share to tender, according to the company. Eligible warrants carry an exercise price of $0.0001, which the tender deducts from the $3 purchase price. Treating every warrant as an ordinary share would blur the rights and the different historical paths by which the instruments were issued. SkyAI says holders should consult the full offer materials for the procedures applying to their securities.

The minimum conditions are not one combined vote. At least 50% of the shares offered for tender must be tendered for the common share offer. For the two pre funded warrant classes, SkyAI combines them for a minimum of 50% of those offered. Strategic warrants have their own 50% minimum. The company states that satisfying one class’s threshold does not itself satisfy another. If more than 95% of a class is properly tendered and not withdrawn, acceptance would be prorated within that class.

Those details change how a holder should interpret the headline “buyback.” The company cannot simply assume it will spend $201.3 million. It could purchase a smaller number if fewer eligible securities are offered, provided the applicable conditions are met or lawfully changed. It could face a failed condition in one class while another class reaches its threshold. Holders may withdraw submitted securities before the offer expires. SkyAI says it will pay promptly after expiration for accepted securities, with applicable taxes withheld and without interest.

The expiry is one minute after 11:59 p.m. New York City time on October 29, unless the company extends or terminates the offer earlier under its terms. Broker held securities may require the beneficial owner to give instructions to an intermediary ahead of the public deadline. The company directs owners to the offer to purchase and transmittal documents, not just the press release. Its Schedule TO materials describe tender procedures and withdrawal rights in fuller detail.

The arithmetic behind the $3 price SkyAI describes the $3 purchase price as approximately 0.95 times its measure of net asset value. Its October 19 footnote multiplies $3 by approximately 70.6 million shares and warrants outstanding, then divides the result by $223.8 million net cash. The numerator is $211.8 million. Dividing by $223.8 million gives approximately 0.946, which rounds to 0.95. The denominator in that company calculation is a cash figure, not the fair value of a live SOL position, because it says there is none.

The roughly 70.6 million diluted count is different from the 67.1 million maximum tendered securities. The offer seeks 95% of each eligible class, while the company uses the broader outstanding amount for its mNAV calculation. A comparison that multiplies $3 by the tender maximum and divides by the whole cash pile answers a different question, namely the maximum potential cash outlay as a share of reported cash. It does not reproduce the company’s price to net asset value multiple.

Dividing $223.8 million cash by 70.6 million securities yields about $3.17 per security before other balance sheet items and any adjustment to the denominator. The $3 tender is roughly 17 cents below that simple cash per diluted security figure. Company mNAV is a defined presentation, not a guarantee that a shareholder can demand $3.17. Liabilities, operating costs, other assets, security rights and transaction expenses require the full financial statements and offer documents for a more precise liquidation comparison.

Bastion’s demand for at least $3.50 was published before the completed sale and based in part on a then estimated net asset value of around $3.30 that used a $110 SOL assumption. A figure calculated while hundreds of thousands of tokens remained cannot be applied without adjustment after the company sold all SOL. Bastion’s price demand remains its stated position; SkyAI’s later cash footnote supplies a different date and accounting basis. A direct comparison should state both dates and inputs, not select whichever figure supports one side.

A shareholder is challenging price and governance Bastion Trading says it and affiliates beneficially own approximately 9.99% of SkyAI’s common stock. Its October 14 open letter said it would not tender under the announced terms unless its concerns were addressed. It requested a price of at least $3.50, fuller detail on token disposals, changes to the board and exclusion of strategic advisor warrants from the tender. The letter criticized related party arrangements and asked for an independent committee to oversee the offer.

The company’s October 19 release does not adopt Bastion’s proposed $3.50 price or remove strategic warrants. The board has approved the tender but expressly makes no recommendation as to whether any shareholder or warrant holder should participate. Bastion’s disagreement therefore remains a dispute between a shareholder and the company’s disclosed terms. Allegations and objections in its letter should be attributed to Bastion; they are not findings by a court or regulator.

JUST IN: Bastion Trading calls for SOL treasury firm SkyAI to replace its board

The nearly 10% shareholder says every director received more withheld votes than support last week and is seeking an independent review of related-party deals, with possible legal action if SkyAI… pic.twitter.com/Gih0KiVjB1

— crypto.news (@cryptodotnews) September 30, 2026 The governance argument is tied to a September annual meeting. Bastion says every one of five incumbent director nominees drew more withheld than affirmative votes, and it points to the rejection of a proposed 2026 equity incentive plan. Under the company’s plurality election standard, withheld votes did not automatically vacate those board seats. Bastion treats the result as a rejection of the board’s stewardship. A legal change in control cannot be inferred from the withhold tally alone.

SkyAI’s offer has an immediate financial defense on its own terms. It has reported sufficient cash to cover the stated maximum consideration without borrowing, subject to fees and business needs. The release says there is no financing condition. It has removed the initially contemplated SOL price condition after exiting the token, so the offer no longer depends on a token price threshold. These changes address uncertainty that existed when the company still had to sell SOL to assemble cash.

The opposing case remains substantial. A holder who thinks the post tender business or its cash is worth more than $3 per security might decline. A holder who values a defined cash exit could tender. The exact answer depends on a person’s security class, tax position and the final offer terms; the company itself does not recommend either decision. The share market’s prevailing price can move as investors weigh the terms, and market price does not establish the eventual payout for securities not tendered.

What happens to owners who stay SkyAI says its common stock will remain listed on the Nasdaq Capital Market and registered under the Securities Exchange Act after the offer. That statement describes its intention, not a guarantee about the number of shares ultimately held by the public or future exchange compliance. If a large portion of shares is accepted, ownership concentration and the stock’s trading float can change. The release does not say the company plans to delist or go private.

The company describes its continuing project as a financial platform combining stablecoin rails on Solana with artificial intelligence. Selling the treasury does not by itself mean it has stopped planning to use Solana infrastructure. But a business built on payments or software has different economics from holding and staking millions of SOL. Revenue, customers, development costs and product status would become the relevant disclosures. The October 19 tender release does not quantify the platform’s customers or provide a stand alone forecast for its operating cash needs.

There is a cash constraint in the upper end of the offer. Starting from $223.8 million and subtracting the full $201.3 million maximum leaves approximately $22.5 million before tender fees, transaction expenses, working capital changes and other liabilities. This is arithmetic, not a post tender cash forecast. A less subscribed offer would use less cash. A company spending close to the maximum would have to run any continuing operations from the residual resources and future financing or revenue, none of which can be projected from the release alone.

The full tender documents say the offer is not conditional on outside financing. That is a statement about the funding source, not a statement that the remaining company cannot seek money for another purpose later. Nor is a buyback automatically accretive to each continuing holder. The result depends on price paid relative to the value of the assets and earnings remaining after the purchase, the count of securities retired, expenses and the claims represented by outstanding warrants.

A cash rich company trading below a plausible asset value can argue that a buyback returns capital to investors willing to exit while reducing the outstanding count. Bastion argues that the price and eligible securities treat holders unfairly. The filing settles neither valuation judgment. It supplies a fixed offer price, maximum size and conditions that allow the arguments to be checked against the completed participation and financial reporting later.

SkyAI is an outlier among SOL treasury peers Other listed Solana treasury companies still report token holdings and staking or validator activity. DeFi Development’s purchase program had taken its reported holdings to around 2.33 million SOL by late August. The figure belongs to that company’s own date and accounting, not SkyAI’s October balance. A peer’s continued accumulation cannot show that SkyAI should have held or sold at any particular market price; capital structures and shareholder demands differ.

JUST IN: DeFi Development Corp. adds 26,203 $SOL to its treasury

The purchase brings the company’s total Solana holdings to 2.56 million SOL and equivalents. pic.twitter.com/iIMgvefvlL

— crypto.news (@cryptodotnews) October 5, 2026 Another peer, Solana Company, reported a $30.3 million quarterly loss despite staking gains in its second quarter. That company’s reporting period and strategy are distinct, but the combination shows why staking revenue alone cannot establish a treasury vehicle’s profitability. Asset remeasurement, financing, expenses and the share count are all part of the financial result.

SkyAI’s complete exit does offer a useful comparison with a digital asset treasury model. A company can raise stock capital to buy tokens, earn staking revenue while holding them and later sell tokens to fund a share purchase. The price paid to acquire SOL, staking rewards earned and the sale prices each affect the net result, while shareholders experience the stock price and dilution separately. A gain in SOL units per share is not the same calculation as cash returned per security in a tender.

The company previously reported more than $12 million in staking revenue net of validator commissions from the launch of its strategy in August 2025 through June 30, 2026, according to its financial disclosures cited in the October treasury sale report. The metric ended months before the final October sales. Staking income is a real component of the strategy but cannot be subtracted directly from the difference between a historical cost basis and a current cash balance without an accounting reconciliation.

JUST IN: Forward Industries raises $25 million to expand its Solana treasury

The company will sell 3.125 million shares at $8 each to an institutional investor, using the net proceeds to acquire more $SOL and increase its SOL holdings per fully diluted share. pic.twitter.com/NNg4bqAExx

— crypto.news (@cryptodotnews) September 23, 2026 The offer’s 95% ceiling creates another difference from a simple company liquidation. It permits a substantial return of cash to accepting owners while leaving a public corporation and at least a residual class of securities. Owners who remain will hold claims on a smaller entity with a different asset mix. The company has not released a completed tender result, so the final count of securities and cash left cannot yet be stated.

A full tender would leave a much smaller share float The offer to purchase gives a share count that is more precise than the rounded mNAV denominator. SkyAI had 50,854,199 common shares issued and outstanding as of October 14. If the company bought its full 48,311,489 share allotment, the document estimates 2,542,710 common shares would remain immediately afterward. That calculation is 5% of the original common count, rounded to whole shares. It is a maximum scenario, not a forecast of how many owners will accept.

The reduction could have implications for trading even if the ticker stays on Nasdaq. Fewer freely traded shares may mean different daily volume and wider spreads, depending on how many owners tender and who keeps the remaining shares. The company makes completion conditional on determining that a purchase is not reasonably likely to cause delisting. That condition sits alongside its stated intention to remain listed. It also means the maximum 95% case should not be described as an unconditional commitment to purchase all shares tendered up to the cap.

Officers and directors may participate on the same basis as other holders, according to the offer document. Those who do not tender would see their proportional ownership rise if outstanding shares are retired. Bastion asked instead that directors, officers and certain affiliates refrain from tendering. The published offer includes no such general exclusion. The potential change in relative ownership is arithmetic, but whether a specific insider tenders will require later disclosure or a completed offer result.

The warrant counts matter to the residual entity as well. At October 14, the company listed 5,137,615 cash pre funded warrants, 10,463,001 cryptocurrency pre funded warrants and 4,163,467 strategic warrants. Full take up of each 95% cap would leave a residual 5% of each class, subject to rounding. The common share count by itself does not describe all possible future share claims. Warrants may carry exercise and beneficial ownership limits, and the legal rights of each class are set by its issuance agreements.

SkyAI says none of the three eligible warrant classes trades on a national securities exchange or other market. Its common shares closed at $2.55 on Nasdaq on October 14, according to the offer document. The $3 tender was 45 cents above that dated close, roughly 17.6% when calculated against $2.55. A historical premium does not tell a holder the stock’s price today or after the offer. The company specifically urges owners to obtain current quotations before deciding what to do.

The tender document provides a schedule for results. It expects to announce preliminary figures, including possible proration, on the next business day after the expiration. Final proration and payment would follow. An owner who tenders cannot assume immediate cash on October 29, because the terms require verification of the securities submitted and calculation of accepted amounts. The company will deposit the aggregate payment for accepted securities with its depositary, which transmits proceeds to holders.

The offer exposes two kinds of shareholder choice An owner can sell stock on the open market, tender it to the company or retain it. Those are not economically identical actions. Open market execution happens at the available bid or ask during trading, subject to brokerage costs. The tender offers a stated $3 price if the relevant conditions are satisfied and the shares are accepted. Retaining the stock leaves exposure to the operating company, its remaining cash and later financing or business decisions. The company and its board do not tell owners which path to take.

The tender’s federal tax discussion says a U.S. holder receiving cash generally has a taxable transaction. Treatment can depend on the owner’s circumstances and the relevant ownership rules; the offer directs holders to tax advisers. This is why the $3 gross payment should not be described as identical to after tax proceeds. A registered holder tendering directly to the depositary would not pay a brokerage commission for that submission, while a holder acting through a broker may face an intermediary charge under the published procedures.

There is a time dimension to the choice. The securities can be withdrawn before the deadline, and an extension can move that deadline. The offer’s conditions can be amended subject to applicable rules. A share sold into the market ordinarily settles under the ordinary brokerage process and does not depend on a minimum tender by a different class. A tendered share remains exposed to whether the offer closes and how the class’s 95% cap is applied.

The cash destination raises a separate capital allocation issue. Paying close to $201.3 million would hand funds to exiting security holders. Keeping more cash would leave a larger balance available to the continuing platform but provide fewer owners with a corporate cash exit. SkyAI’s filing supplies the offer’s maximum and current funding; it does not publish a forecast that values each alternative. Bastion favors a higher tender price and different participation rules. Shareholders may disagree for reasons that cannot be inferred from a single stock quote or SOL’s market price.

The company says its cash is sufficient and the offer has no borrowing requirement or financing contingency. Because it has already sold SOL, a fall in SOL’s price after October 16 would not directly reduce the reported token reserve; the reserve is zero. It could still affect investor views about the Solana based business SkyAI says it wants to build. Such an effect is a possible market reaction, not a direct arithmetic change in the cash balance disclosed for October 16.

The next filings can answer questions the release cannot An amended offer document could change the price, deadlines or conditions. SkyAI’s October 19 release fixes the terms currently announced, subject to the offer to purchase and any later amendments. Acceptance and proration figures will be needed after October 29 to tell how much cash actually leaves the company. The company’s subsequent financial statements can supply sale proceeds, realized gains or losses and an updated operating balance sheet.

Transaction transparency is a separate issue from the tender result. Bastion requested the exact sales dates, quantities, average realized prices and costs. The company has confirmed a completed sale and two cash snapshots, but those snapshots alone cannot reconstruct each SOL disposal. A comprehensive accounting may arrive through an amended filing or later periodic disclosure. In the meantime, attributing a particular sale price to the October exit would be guesswork.

The business description needs similar care. A proposed Solana based stablecoin platform is not the same asset as SOL held in treasury. A later customer contract, live product disclosure or revenue statement would establish what the new operating model produces. Today, the completed action supported by the October 19 exhibit is the sale of all SOL and the start of the cash offer. The document leaves $3 per security in place, includes strategic warrants and sets separate minimum tender conditions for the classes of securities it seeks.

What to watch October 29 deadline: Confirm any extension or amendment to the tender before the published New York expiry. Participation by class: The 50% minimum conditions apply separately to shares, combined pre funded warrants and strategic warrants. Final cash use: Accepted securities, proration and fees will determine how much of the $223.8 million balance remains. SOL sale details: Dates, quantities, prices and costs would allow an actual reconciliation of the treasury exit. Operating disclosures: Customer, revenue and expense data will show what SkyAI’s proposed Solana platform consists of after the treasury sale. FAQ Does SkyAI still own any SOL? Its October 19 SEC exhibit says it had completed the sale of all SOL as of October 16, 2026. The same release reported around $223.8 million cash at that date.

How much is the company offering to pay? SkyAI offers $3 for each accepted share or eligible warrant, subject to a $0.0001 exercise price deduction on warrants. Full subscription would cost roughly $201.3 million before related expenses.

What is the deadline for the SkyAI tender? The offer is scheduled to expire one minute after 11:59 p.m. New York City time on October 29, 2026, unless extended or terminated earlier. Broker held securities may need earlier instructions.

Are all shares guaranteed to be accepted? No. SkyAI seeks up to 95% of each eligible class. If more than that proportion is properly tendered in a class, the company plans to prorate acceptances within that class.

What does Bastion Trading want changed? Bastion has asked for a price of at least $3.50, detailed SOL sale disclosures, board changes and exclusion of strategic advisor warrants. Those are the shareholder’s demands, not announced changes to the offer.

Did SkyAI remove the SOL price condition? Yes. The October 19 release says the offer is not conditioned on SOL’s price because the company no longer holds the token. Other tender conditions remain.

Will SkyAI go private after the tender? The company says it intends to keep its common stock listed on Nasdaq and registered under U.S. securities law. The actual number of accepted shares and resulting public float have yet to be determined.

How much cash will be left after the offer? If SkyAI pays the stated $201.3 million maximum from its reported $223.8 million, the arithmetic difference is $22.5 million before expenses and other movements. The actual residual depends on participation and costs. This is educational analysis, not investment advice.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Figures reflect regulatory filings and reporting available at the time of writing and change with each disclosure. Nothing here is a recommendation to buy, sell, or hold any security or asset. Always do your own research. Information is accurate as of October 20, 2026.

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