Key Takeaways:
Classover plans to raise $500M for a Solana-based corporate treasury. Up to 80% of the funds will be allocated to purchasing SOL tokens. Corporate interest in crypto reserves is rising, with firms like VivoPower and Trump Media also entering the space.Shares of Nasdaq-listed educational technology firm Classover Holdings surged nearly 40% on Monday after unveiling a plan to raise up to $500 million for a Solana (SOL)-based corporate treasury.
The New York-headquartered company announced it had signed a securities purchase agreement with Solana Growth Ventures LLC, aiming to issue up to $500 million in senior secured convertible notes.
An initial $11 million funding is expected soon, pending customary closing conditions.
Classover to Allocate 80% of New Funding to Solana Purchases
Under the agreement, Classover is required to allocate up to 80% of net proceeds toward purchasing SOL, the native token of the Solana blockchain.
“This agreement marks a significant milestone in the company’s strategic initiative to build a SOL-based treasury reserve,” said Classover CEO Stephanie Luo.
“By entering into this agreement, Classover reaffirms its strong commitment to becoming a leader in blockchain-aligned financial strategy.”
The latest deal adds to Classover’s previously announced $400 million equity purchase agreement, bringing its combined potential financing for SOL purchases to $900 million.
Following the announcement, Classover shares jumped 39.85% to close at $3.72 on Monday, though they dipped 1.88% in after-hours trading, according to Yahoo Finance data.
The stock remains down 48.19% over the past month and 7.23% year-to-date.
Founded in 2020, Classover provides live online education for K-12 students.
The company began its SOL treasury initiative last month, positioning the blockchain token as a key asset in its balance sheet.
Classover’s move reflects a broader trend of corporate Solana adoption.
Firms such as SOL Strategies, DeFi Development Corp., Upexi, and Janover have also begun accumulating SOL, either to complement existing operations or to pivot toward blockchain-focused strategies.
Interest in Cryptocurrencies as Reserve Rises
Last month, the publicly listed energy company VivoPower revealed that it is investing $121 million in XRP as a strategic reserve, making it the first company in the world with an XRP-focused treasury.
The number of public companies holding Bitcoin also continues to grow.
According to data from BitcoinTreasuries.NET, 116 public firms have now added Bitcoin to their balance sheets. Recent additions include GameStop and Swedish health tech company H100.
MicroStrategy remains the largest corporate Bitcoin holder, with 580,250 BTC worth approximately $60.9 billion.
Other major holders include Marathon Digital Holdings and Tesla, both with over $1 billion in Bitcoin.
As reported, digital asset companies are flooding capital markets to raise funds for large-scale Bitcoin acquisitions, spurred by the cryptocurrency’s rally to a record $111,965 last week.
The surge, up more than 50% from early April, has ignited a wave of listings and mergers as firms race to secure funding while investor appetite remains strong.
Last week, Trump Media & Technology Group confirmed plans to raise $2.5 billion to buy crypto, joining a growing list of firms mimicking MicroStrategy’s blueprint.
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