Education technology firm Classover Holdings Inc., listed on Nasdaq, has taken a major step in its Solana (SOL)-based reserve strategy.
The company announced a deal with Solana Growth Ventures LLC to issue up to $500 million in senior secured convertible bonds. In the first phase, $11 million will be deployed soon, with 80% of the net proceeds allocated to direct SOL purchases.
Including a previously announced $400 million equity purchase agreement, Classover’s total potential funding capacity has reached $900 million, most of which is expected to be directed toward building SOL reserves. CEO Stephanie Luo described the move as part of the company's goal to be a leader in blockchain-focused financial strategies.
Following the announcement, Classover’s stock surged 39.85% to $3.72, although it saw a slight dip in after-hours trading. The company now joins the growing list of institutional players adopting Solana-based treasury strategies.
