Key Takeaways:
Classover is set to pursue a $500 million capital raise to establish a corporate treasury on the Solana blockchain.
A significant portion—up to 80%—of the proceeds will be directed towards acquiring SOL tokens.
The enthusiasm for cryptocurrency reserves among corporations is growing, with companies like VivoPower and Trump Media also exploring this avenue.
Shares of Classover Holdings, a Nasdaq-listed educational technology company, skyrocketed nearly 40% on Monday following the announcement of its ambitious plan to raise up to $500 million through a Solana (SOL)-based corporate treasury.
Based in New York, Classover disclosed its execution of a securities purchase agreement with Solana Growth Ventures LLC, with the objective of issuing senior secured convertible notes valued up to $500 million.
The company anticipates an initial funding infusion of $11 million, contingent on standard closing requirements.
Classover’s Commitment to SOL Purchases
As stipulated in the agreement, Classover is expected to allocate as much as 80% of the net proceeds toward the purchase of SOL, which is the native cryptocurrency of the Solana network.
Commenting on the agreement, Classover CEO Stephanie Luo emphasized that this marks a significant advancement in the company’s strategy, aimed at establishing a SOL-based treasury reserve.
“By entering into this agreement, Classover reaffirms its strong commitment to becoming a leader in blockchain-aligned financial strategy,” Luo stated.
This recent agreement builds on Classover’s previously announced $400 million equity purchase plan, raising the potential total financing for SOL acquisitions to an impressive $900 million.
NASDAQ: KIDZW Update: New Solana Treasury Strategy corporation SOLANA GROWTH VENTURES – currently trading as Classover Completes Initial $SOL Purchase and Enters into New Purchase Agreement to Sell up to $500 Million of Notes to Accelerate SOL Treasury Strategy
Ms. Luo, Chief… pic.twitter.com/d2ofFxFnA6
— MartyParty (@martypartymusic) June 3, 2025
Following this news, Classover’s stock experienced a 39.85% surge, closing at $3.72 on Monday. However, it faced a slight decline of 1.88% in after-hours trading as reported by Yahoo Finance.
Despite this recent spike, the stock remains down 48.19% in the past month and has decreased 7.23% year-to-date.
Founded in 2020, Classover specializes in providing live online education to K-12 learners.
The company’s initiative to build a SOL treasury was launched last month, emphasizing the cryptocurrency’s importance on its balance sheet.
This move is indicative of a broader trend among corporations adopting Solana. Companies like SOL Strategies, DeFi Development Corp., Upexi, and Janover are also accumulating SOL, either to enhance their current operations or to strategize toward blockchain integration.
Growing Interest in Cryptocurrency Reserves
Last month, VivoPower, a publicly listed energy firm, made headlines with its decision to invest $121 million in XRP, positioning itself as the first company globally with an XRP-focused treasury.
The trend of public companies adopting Bitcoin is also gaining momentum, with 116 such firms reported to have included Bitcoin in their balance sheets, according to data from BitcoinTreasuries.NET. Recent entrants into this space include GameStop and Swedish health technology company H100.
MicroStrategy remains the most prominent corporate holder of Bitcoin, boasting a stash of 580,250 BTC currently valued at around $60.9 billion. Other significant holders such as Marathon Digital Holdings and Tesla have similarly amassed over $1 billion in Bitcoin.
The recent rally of Bitcoin, surging to a record of $111,965 last week, has prompted a wave of capital influx into digital asset markets, as firms scramble to raise funds for extensive Bitcoin purchases. This surge, resulting in over a 50% increase since early April, has sparked numerous listings and mergers as companies strive to secure financial backing while investor interest remains robust.
Additionally, Trump Media & Technology Group has announced its intention to raise $2.5 billion to invest in cryptocurrencies, joining an increasing number of corporations following the strategic path laid out by MicroStrategy.
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