Étienne Girard
Classover Holdings Inc., a publicly traded educational technology company on Nasdaq, saw its stock soar by nearly 40% on Monday following the announcement of an ambitious plan to raise up to $500 million for building a Solana (SOL)-based corporate treasury.
The New York-based firm revealed that it had entered into a securities purchase agreement with Solana Growth Ventures LLC, under which it will issue senior secured convertible notes worth up to $500 million. The initial $11 million funding is expected to be completed soon after standard closing conditions are met.
Up to 80% of Funding Will Go Toward Buying SOL
According to Classover’s official statement, the agreement requires that as much as 80% of the net proceeds be allocated to purchasing SOL, the native asset of the Solana blockchain.
This new capital injection complements the company’s previously disclosed $400 million equity purchase deal, bringing its total potential funding for SOL acquisition to $900 million.
“This transaction marks a pivotal step in our long-term blockchain treasury strategy,” said Classover CEO Stephanie Luo. “It strengthens our commitment to adopting SOL as a strategic reserve asset and positions us among the first public companies to directly integrate Solana into our financial operations.”
Classover Stock Surges Nearly 40% on News
Investors responded quickly. Classover’s stock jumped 39.85% to close at $3.72 on Monday, before dipping slightly by 1.88% in after-hours trading, as per Yahoo Finance. Despite the day’s surge, the stock has declined over 48% in the past month and is currently down 7.23% year-to-date.
Classover’s Blockchain Pivot: From Education to Treasury Innovation
Founded in 2020, Classover initially focused on K–12 live online tutoring services, but the firm began exploring digital assets as part of a strategic shift to strengthen its financial foundation. Just last month, it launched its SOL treasury initiative, aiming to “enhance its balance sheet with a high-performance, scalable digital asset.”
Classover Joins a Growing Movement of Solana-Adopting Firms
With this move, Classover enters an expanding circle of companies that are actively building Solana reserves. Other firms like SOL Strategies, DeFi Development Corp., Upexi, and Janover have also embraced Solana, either to complement existing operations or as part of a broader shift toward blockchain-oriented business models.
