Classover, a K-12 education company, is entering the cryptocurrency space by establishing a Solana reserve.
The company plans to issue up to $500 million in senior convertible notes, with 80% allocated for the purchase of Solana (SOL). This move aligns with the growing trend of companies expanding into cryptocurrency-related strategies beyond their core businesses.
According to a June 2 announcement, Classover has purchased approximately $1.1 million worth of 6,472 SOL to initiate the reserve. The issuance of convertible notes is conducted in partnership with Solana Growth Ventures.
Classover is an online education company that provides learning courses for K-12 students worldwide. The day after the announcement, its stock price reached $5.45 on Nasdaq, up 46.5% for the day.
According to the company, the issuance of up to $500 million in convertible notes may supplement Classover's $400 million stock purchase agreement. The combination of these two financing methods will give the company a purchasing power of $900 million for Solana.
Solana Reserve Company
Classover's transformation into a Solana Reserve Company marks a trend where some publicly listed companies are turning their attention to SOL to create additional revenue streams and attract investor interest.
In May, the Canadian-listed company SOL Strategies sought regulatory approval to raise up to $1 billion for SOL staking operations.
Upexi, listed on Nasdaq, announced raising $100 million in April to purchase SOL, with its stock price soaring by 630%.
