TL;DR: SkyAI says it has sold all its SOL and started a cash tender offer that could cost roughly $201.3 million if fully subscribed.

SkyAI’s experiment as a Solana treasury company has taken a dramatic turn. Rather than simply holding through market volatility, the Nasdaq-listed firm says it has sold its entire SOL position and is offering to buy back as much as 95% of certain outstanding shares and warrants.

An October 19 filing with the Securities and Exchange Commission puts the proposed cash purchase price at $3 per share or warrant. If everyone eligible tenders the maximum amount, the purchase would total approximately $201.3 million.

The company disclosed $223.8 million in cash as of October 16 and confirmed that its Solana sales were complete by that point. Consequently, the tender offer is no longer conditional on the price of SOL — a material change from an earlier version of the plan.

The decision is noteworthy because many listed cryptocurrency treasury companies have spent recent months explaining why they intend to keep accumulating tokens. SkyAI is moving in the opposite direction and returning cash to investors through an offer whose terms are defined in its SEC documents.

Shareholders still have choices to make. The tender is scheduled to expire on October 29 unless it is extended or terminated earlier, and the offer remains subject to its stated conditions.

SkyAI’s move is not a verdict on Solana’s technology. It is a reminder that the capital structures wrapped around crypto holdings can change much faster than the networks underneath them.

Written by the News Desk and edited by Samuel Rae.

TL;DR

• Blockchain.com is reportedly preparing a U.S. IPO that could raise about $500 million.
• Bloomberg reports the company is discussing a valuation of roughly $4 billion to $6 billion.
• The plans remain private and could change; Blockchain.com has not announced a final offering size or pricing date.

Blockchain.com is reportedly trying to become the next major crypto company to reach the U.S. public markets.

The company is discussing an initial public offering that could raise roughly $500 million, according to Bloomberg, citing people familiar with the plans.

A potential valuation in the range of $4 billion to $6 billion is being discussed.

The Numbers Are Targets, Not Final Terms

Blockchain.com has not publicly priced an IPO.

There is no final share count, offer price or trading date.

The figures currently circulating represent targets being discussed with prospective investors and advisers.

Bloomberg reports that the company could accept a smaller capital raise depending on market conditions.

That matters because private IPO preparations can change substantially before a company reaches a public roadshow.

Blockchain.com declined to comment on the reported plans.

The company was valued at approximately $7 billion in a private funding round in 2023, meaning the proposed public-market range would not necessarily restore its previous private valuation.

Crypto IPOs Are Testing Public-Market Appetite Again

The timing is interesting.

Crypto companies have spent several years moving between periods of aggressive expansion and long stretches where public listings were effectively off the table.

A $500 million Blockchain.com offering would be another test of whether public-market investors are ready to fund large crypto-native businesses again.

Blockchain.com operates wallets, brokerage and institutional infrastructure and has been active since the early years of Bitcoin.

It also announced a partnership with the New York Stock Exchange earlier this month around tokenized U.S. securities.

That does not guarantee an IPO will happen.

The listing process depends on market conditions, regulatory filings and investor demand.

The valuation target can also move before an offering is launched.

Still, the reported range gives a useful indication of what the company and its advisers believe the public market might support.

Crypto companies once relied heavily on venture capital and private token markets for funding.

More of them are now trying to use conventional equity markets as well.

If Blockchain.com proceeds, investors will get another chance to decide how they value a mature crypto business whose revenues span several different parts of the industry.

For now, it remains a proposed transaction.

The ambition is clear: raise hundreds of millions of dollars and return Blockchain.com to a multibillion-dollar valuation on the public market.

This article was written by the News Desk and edited by Samuel Rae.