Solana Treasury Firm SKYA Liquidates Reserves, Estimated to Have Sold 1.25 Million SOL Over Five Days
Summary
- Analysis suggests listed company SKYA is selling a large amount of Solana (SOL), its primary treasury asset.
- On-chain analyst EmberCN said SKYA is estimated to have sold about 1.25 million SOL (about $138 million) over the past five days.
- EmberCN said SKYA plans to use proceeds from the SOL reserves sale to acquire about 95% of its outstanding shares.
Forecast Trend Report by Period
SKYA, a publicly traded company that has held Solana as its primary treasury asset, is estimated to be selling a large portion of its SOL holdings.
On Oct. 12, on-chain analyst EmberCN wrote on X that SKYA, which held about 2 million SOL, is liquidating its Solana reserves. About 30 minutes earlier, the company transferred 211,623 SOL to Coinbase Prime, he wrote.
Based on SKYA's announcement a day earlier, EmberCN estimated that the company had already sold about 1 million SOL. Including the amount moved to an exchange on Oct. 12, he estimated that SKYA sold about 1.25 million SOL worth roughly $138 million over the past five days.
He added that SKYA plans to use the proceeds from the SOL reserve sale to acquire about 95% of its outstanding shares.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.