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Nasdaq-listed Classover will raise up to $500M through convertible notes.
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Up to 80% of proceeds must be used to buy Solana (SOL).
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The deal builds on a previous $400M equity agreement.
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Classover joins growing trend of public firms adopting Solana treasury strategies.
$500M in New Financing to Buy SOL
Nasdaq-listed edtech firm Classover announced plans to raise up to $500 million via senior secured convertible notes, in a move to create a Solana-based treasury reserve. The deal, signed with Solana Growth Ventures LLC, mandates that 80% of the proceeds be used to purchase SOL tokens.
Stock Rallies Nearly 40% on News
Following the announcement, Classover shares surged 39.85% to close at $3.72 on Nasdaq, although they slipped slightly in after-hours trading. The stock remains down over 7% year-to-date and 48% for the past month.
Strategic Shift Toward Crypto Reserves
The funding deal supplements an earlier $400 million equity purchase agreement, potentially bringing Classover’s total crypto-focused financing to $900 million. CEO Stephanie Luo said the firm is committed to leading in blockchain-integrated financial strategy.
Joining a Broader Solana Adoption Trend
Founded in 2020, Classover specializes in K–12 online education and launched its SOL treasury initiative last month. It now joins firms like Upexi, DeFi Development Corp., and SOL Strategies in pivoting toward Solana accumulation as part of their business strategy.
