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.

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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.

The operating business was not yet producing enough cash to close that gap. First-half net revenue from SkyAI’s Sologard product line was $192,780, while net staking revenue was $5.46 million. Selling, general and administrative expenses reached $10.22 million. The company separately reported $5 million in related-party consulting fees.

Management said future working-capital needs may be met through a combination of selling part of the SOL treasury, issuing equity or obtaining traditional financing until operations can support themselves. The disclosure also makes another SOL sale possible.

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SkyAI ended June with $12.07 million in cash and positive working capital after repaying the margin loan. Management described the company as debt-free, although its balance sheet still showed $3.07 million of liabilities, including trade, accrued, warrant and lease obligations.

The company also reported 1,494,026 liquid SOL and 509,650 locked SOL, with the locked balance scheduled to release through the end of 2028. Substantially all of the treasury was staked during the period, making the token balance a large funding reserve but not the same as cash already available for expenses.

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The market backdrop keeps pressure on that reserve. CryptoSlate’s Solana market data showed SOL at $77.06 on Aug. 9, down 21.28% over 90 days and 48.93% over one year. The filing therefore points to a recurring funding choice, but its cash balance, positive working capital, and repaid margin loan do not indicate an immediate, leverage-driven SOL sale.