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CoinDesk 2025-06-03 13:27:33

Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy

Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy

Classover Holdings (KIDZ), a publicly traded online education company, has revealed it’s making a big bet on solana SOL. The company said in a press release that it entered a new agreement to sell up to $500 million in senior secured convertible notes, aiming to use most of the proceeds to build a treasury of SOL tokens. The agreement, made with Solana Growth Ventures , allows for an initial $11 million funding round. Classover plans to allocate up to 80% of the net proceeds from the notes toward SOL purchases. These notes can be converted into Class B shares at double the stock's trading price prior to closing, with adjustment clauses baked in. It’s worth noting that other firms, including Defi Development Corp., are also doubling down on their SOL treasury initiatives. Classover’s move builds on its earlier acquisition of 6,472 SOL, for roughly $1.05 million, marking the beginning of its solana accumulation strategy.

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