💰 Solana Gets $500M Treasury Boost — Classover Bets Big with Senior Notes to Acquire SOL
For its Solana treasury, Classover Holdings will issue up to $500 million of senior convertible notes.
Classover wants to stake acquired SOL and buy locked tokens at a bargain.
SOL gains as Classover Holdings enters Solana treasury race
Press release: Nasdaq-listed edtech business Classover Holdings (KIDZ) has struck a securities agreement with Solana Growth Ventures to sell up to $500 million of senior convertible notes. After completion, Classover will invest 80% of the profits in Solana "subject to certain terms and limitations."
"This agreement marks a significant milestone in the company's strategic initiative to build a SOL-based treasury reserve," Classover CEO Stephanie Luo said in the news release.
On May 1, Classover announced a $400 million stock purchase transaction, raising its planned funding to $900 million.
Classover has announced intentions to buy locked SOL at a discount to boost its Solana treasury. Classover started its SOL treasury strategy by buying 6,472 SOL at $1.05 million.
The business joins DeFi Development Corporation and SOL Strategies as top Solana treasury companies.
Canadian-based SOL Strategies (HODL) sold its Bitcoin (BTC) holding last Thursday to fully support a Solana purchase. Last week, the corporation bought 26,478 SOL for $4.7 million, bringing its total to 420,355. After DeFi Development Corp., which controls over 600,000 SOL, SOL Strategies becomes the second-largest Solana shareholder.
On Monday, DeFi Development Corp introduced dfdvSOL, a liquid staking token (LST), and partnered with Kamino Finance. For greater Solana ecosystem usefulness and return, Kamino Finance will add dfdvSOL to its borrowing and lending markets.
SOL stakers via DeFi Development Corp's validator group get dfdvSOL as an LST for their stake.
These developments reflect business companies' growing race to copy Strategy's Bitcoin playbook using BTC and other digital currencies.
