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Classover, a Nasdaq-listed firm, has announced a securities purchase agreement to issue up to $500 million in senior secured convertible notes, aimed at establishing a solana ( $SOL)-based treasury reserve.
Classover Selects Solana for Treasury Reserve Strategy
The Nasdaq-listed online educational platform Classover announced June 2 that it has entered into a securities purchase agreement for the issuance of up to $500 million in senior secured convertible notes as part of a strategic initiative to build a solana ( $SOL)-based treasury reserve. It added that an initial closing and funding of $11 million is set to occur right after customary closing conditions have been met.
According to a statement, the terms of the agreement compel Classover to allocate up to 80% of the net proceeds toward purchases of $SOL. With this agreement, Classover joins the few listed companies that have prioritized adding $SOL to their respective treasuries instead of bitcoin. The company’s CEO, Hui Luo, said the agreement reaffirms Classover’s strong desire to become a leader in blockchain-aligned financial strategy.
“This agreement marks a significant milestone in the Company’s strategic initiative to build a $SOL-based treasury reserve,” Luo said. “By entering into this agreement, Classover reaffirms its strong commitment to becoming a leader in blockchain-aligned financial strategy and positioning itself among the first publicly traded companies to directly integrate $SOL into its treasury operations.”
Other listed companies that have prioritized $SOL include DeFi Development Corp., which held 621,313 $SOL in its treasury as of May 31. $SOL Strategies Inc. is another listed company that has chosen $SOL over bitcoin, as is investment issuer Torrent Capital Ltd.
Meanwhile, the statement released by Classover states that the secured convertible notes may be converted into the company’s Class B common stock. This will be done at an initial conversion price equal to 200% of the closing price of the company’s Class B common stock on the trading day.
The latest agreement also complements Classover’s previously announced $400 million equity purchase agreement, thus potentially increasing its total potential financing capacity to $900 million. However, prior to this agreement, Classover had already initiated its $SOL reserve strategy after purchasing 6,472 $SOL for approximately $1.05 million.