Nasdaq-listed Classover plans to raise up to $500 million in new deal to build SOL treasury

Shares of Classover Holdings Inc., a Nasdaq-listed educational technology company, jumped 39.85% on Monday after it announced plans to raise up to $500 million to build a SOL-based corporate treasury. SOL is the native token of the Solana blockchain.

In a statement released Monday, the New York-headquartered company said that it has signed a securities purchase agreement with Solana Growth Ventures LLC to issue up to $500 million in senior secured convertible notes. The company expects an initial closing and funding of $11 million to occur shortly after customary closing conditions are satisfied.

Under the terms of the deal, Classover must dedicate up to 80% of the net proceeds to purchasing SOL, according to the statement.

The latest funding arrangement builds upon Classover's previously announced $400 million equity purchase agreement, bringing the company's combined potential financing capacity to $900 million earmarked for its SOL purchases, the company said.

"This agreement marks a significant milestone in the Company’s strategic initiative to build a SOL-based treasury reserve," said Stephanie Luo, CEO of Classover. "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."

Upon the announcement, Classover's stock surged 39.85% on Nasdaq, closing at $3.72 on Monday, before slipping 1.88% in after-hours trading, according to Yahoo Finance data. Its stock price has fallen 48.19% over the past month, and is down 7.23% year-to-date.

Founded in 2020, Classover specializes in live online education for students in grades K-12. It launched an SOL treasury strategy last month to "enhance its balance sheet with a high-performance, scalable digital asset."

Classover joins a growing list of companies adopting Solana accumulation strategies. Several firms, such as SOL Strategies, DeFi Development Corp., Upexi, and Janover, have been building SOL reserves either alongside their core operations or as a pivot from their original business focuses.