#SOL:

Classover Holdings has joined the trend of companies adopting cryptocurrencies for their strategic reserves after selecting Solana (SOL) as a key asset to transform its treasury.

The Nasdaq-listed educational technology company reported on Monday plans to raise up to USD $500 million to build a corporate treasury based on SOL, the native token of the Solana blockchain.

Through the survival crisis.

Classover, founded in 2020, is dedicated to live online education for elementary and secondary students. The company had already initiated its SOL reserve strategy last month, with a purchase of 6,472 SOL for approximately USD $1.05 million, marking the first step in its long-term strategy to acquire, hold, and stake Solana tokens.

More public companies accumulate SOL

Solana is a layer 1 blockchain designed to be fast, scalable, and low-cost, focused on decentralized applications (dApps) and decentralized finance (DeFi). Its native token SOL is the sixth largest in the cryptocurrency market with a capitalization of USD $84 billion, according to CoinMarketCap. Its price is USD $160.7 at the time of writing.

DeFi Development Corp, formerly known as Janover and also listed on the Nasdaq, has been building a reserve of SOL, which by the end of May reported to consist of 609,190 SOL.

Sol Strategies, listed on the Toronto Stock Exchange, is another company betting on Solana for its treasury. This week, the company NewGenIvf Group (NIVF) announced plans to invest USD $30 million in staking SOL.

Classover's shares rose 14.7% after the market opened on Tuesday to a price of USD $4.27, according to Google Finance data at the time of writing.