From 24/7 Wall St. · Sam Daodu · · 1m 40s
SkyAI Sells Solana Treasury as Bitmine Hits 6M ETH
SkyAI dumps all Solana holdings while Bitmine accumulates 6.04 million ETH, which coin is the better buy?
In brief
SkyAI dumps all Solana holdings while Bitmine accumulates 6.04 million ETH, which coin is the better buy? SkyAI sold its entire Solana treasury and Bitmine reached 6.04 million ETH, with SOL showing stronger near-term gains than ETH. Originally reported by 24/7 Wall St..
SkyAI Sells Solana Treasury
SkyAI sold its entire Solana treasury and initiated a $201.3 million share buyback as of October 16, 2026.
Bitmine Hits 6.04 Million ETH
Bitmine reported 6.04 million ETH holdings and $15.1 billion in crypto, cash, and marketable securities as of October 19, 2026.
SOL and ETH Both Declined
SOL dropped 3.4% and ETH fell 5.4% over the past week as of October 20, 2026.
SkyAI's Share Price Rises
SkyAI shares rose 5.3% to close at $2.79 on October 19, 2026, up 64.6% over the past month.
Bitmine's ETH Accumulation
Bitmine added about 10,000 ETH weekly while its dollar value fell from $17.4 billion to $16.2 billion between October 5 and 12, 2026.
SkyAI's Treasury Strategy Shift
SkyAI eliminated SOL price dependency for its share buyback after selling all Solana holdings.
Bitmine's Staking Focus
Bitmine's new revenue source is ETH staking, aiming to eventually own 5% of all ETH.
SOL Shows Stronger Near-Term Gains
SOL gained 34.1% over the last 90 days versus ETH's 23.8% rise, with Alpenglow update approaching.
ETH's Potential Rebound
ETH might rebound if staking yields improve, but SOL could weaken if it trails ETH post-Alpenglow.
Market Response to Treasury Moves
SOL fell less than ETH after SkyAI's exit, suggesting treasury flows aren't driving prices significantly.
The takeaway
SkyAI sold its entire Solana treasury and Bitmine reached 6.04 million ETH, with SOL showing stronger near-term gains than ETH.
