SkyAI Sold Its Entire Solana Treasury as Bitmine Topped 6 Million ETH. Which Coin Is the Better Buy?

SkyAI (NASDAQ: SKYA) has made headlines by selling off its entire Solana (CRYPTO: SOL) treasury and initiating a $201.3 million buyback of its shares and warrants. As of October 16, 2026, the company reported having $223.8 million in cash. A crypto treasury company typically holds a large reserve of a single cryptocurrency, so its stock usually reflects the value of that coin.

By contrast, Bitmine Immersion Technologies (NYSE: BMNR | BMNR Price Prediction) announced on October 19 that its Ethereum (CRYPTO: ETH) holdings reached 6.04 million tokens. Bitmine also reported $15.1 billion in crypto, cash, and marketable securities—assets it can quickly convert to cash.

Both SOL and ETH fell during the week of these announcements. As of October 20, SOL trades at $104, down 3.4% over the past week. Meanwhile, ETH trades at $2,382, down 5.4%. With these market movements, the question is: which coin offers a better investment opportunity—one that was just completely sold off or one that is being steadily accumulated?

SkyAI Is Returning Cash to Shareholders After Selling All of Its SOL

With the sale of all its SOL, SkyAI’s recent tender offer for shares is no longer dependent on the price of SOL. Previously, a condition tied the buyback to SOL’s value, which SkyAI has now eliminated. This tender offer includes common stock and three classes of warrants—contracts permitting the holder to purchase shares at a predetermined price.

SkyAI plans to fund the buyback with its existing cash reserves and aims to maintain its Nasdaq listing after suspending an earlier repurchase program. SkyAI shares rose 5.3% to close at $2.79 on October 19 and are up 64.6% over the past month, though they are still down 40.9% year-over-year.

However, this move raises several unanswered questions. Formerly known as Sharps Technology, SkyAI was focused on providing a platform that merges stablecoin payment systems on Solana with AI accessibility for underbanked communities. The company has not clarified why it divested entirely from SOL or what its platform’s future will be.

Furthermore, it has not indicated which alternative coin or stablecoin it will use for transactions on its network. Currently, the company’s value seems heavily tied to its cash reserves. The sale of SOL also coincided with competitive pressures among Solana treasury firms. SkyAI’s board has outright rejected an all-stock acquisition proposal from Forward Industries (NASDAQ: FWDI), citing SkyAI’s undervaluation.

Bitmine Keeps Adding ETH as Its Dollar Total Falls

Bitmine initially focused on mining Bitcoin (CRYPTO: BTC) and reported a net income of $328.2 million for the fiscal year ending August 31, 2025. The company’s newer revenue source is ETH staking, which involves locking up ETH to support the Ethereum network in exchange for rewards. Bitmine aims to eventually own 5% of all ETH.

Recent reports show Bitmine’s ETH holdings increasing while their dollar value has declined. On October 5, the company held 6.02 million ETH and $17.4 billion in total assets. By October 12, it held 6.03 million ETH, while its total fell to $16.2 billion. This suggests Bitmine has been accumulating about 10,000 ETH weekly, despite ETH’s falling price.

Bitmine is currently valued at about $13 billion, down from $15.1 billion in crypto, cash, and marketable securities. On October 20, Bitmine shares traded at $21.29 before the market opened, representing a 21.6% year-to-date decline—worse than ETH’s 19.3% drop.

Thomas Lee, Bitmine’s chairman at the time of its November 2025 filing, said then that “history shows crypto prices stage V-shaped recoveries.” However, an executive whose position benefits from any positive price movement made this statement.

Treasury Moves Are Not Driving SOL or ETH Prices

The market response to SkyAI’s decision to divest from SOL suggests that treasury flows from both companies are not significantly impacting SOL and ETH prices. After SkyAI’s exit, SOL fell less than ETH, while Bitmine continued to accumulate ETH during the same period.

Interestingly, another Solana treasury firm, DeFi Development Corp. (NASDAQ: DFDV), has adopted a contrasting strategy, saying it will continue buying SOL ahead of the upcoming Alpenglow update on October 21, which is set to improve the Solana network’s transaction validation process. However, DeFi Development’s enthusiasm may be influenced by its interests in SOL’s price appreciation.

Is SOL or ETH the Better Buy After These Solana Treasury and Bitmine Moves?

Given the recent developments, SOL appears better positioned than ETH. SOL’s 3.4% drop over the past week is less severe than ETH’s 5.4% decrease. Additionally, SOL has gained 34.1% over the last 90 days, while ETH has only risen by 23.8%. With Alpenglow on the horizon, SOL has a clear upcoming driver, especially since SkyAI has sold off its SOL and won’t exert further influence on its price.

That said, ETH might still rebound if staking yields improve. The SOL view weakens if SOL still trails ETH on a seven-day basis a week after Alpenglow goes live, or if another Solana treasury company starts selling. For ETH, a weekly Bitmine release showing holdings stuck at 6.04 million could signal that its largest corporate buyer has stopped adding.

Contact [email protected] for any questions or corrections.