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 company, said in a recent SEC filing that it sold 135,399 SOL for $12.47 million during the first half of 2026 and may use more token sales to help fund the business until its operations generate enough cash.

SkyAI also made an $84.34 million unrealized digital-commodity loss for the six months ended June 30. The loss reflected changes in fair value rather than cash leaving the business. Its second-quarter portion was $13.49 million, while net cash used in continuing operations was about $5.67 million for the half.

SkyAI’s digital-commodity holdings were carried at $144.28 million on June 30, down from $250.11 million at the end of 2025. The balance also reflected staking receipts and transactions, including SOL sold at an average of $92.09 against an average cost basis of $200.79. Those sales generated a $14.72 million realized loss.

SkyAI's treasury sales did not close its operating gap

Working capital fell to $12.63 million from $14.19 million over the same six-month period despite the SOL proceeds. The cash-flow picture extended beyond operating burn: SkyAI also repaid a $3.08 million margin loan and spent $2.01 million on share repurchases.

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