Classover Joins Growing Corporate Solana Treasury Trend with $500M Funding Deal

Nasdaq-listed Classover Holdings (KIDZ) has secured up to $500 million in additional funding to accelerate its Solana treasury strategy, joining a rapidly growing group of public companies betting their corporate reserves on SOL tokens rather than traditional assets.

The educational technology company announced Monday that it has entered into a securities purchase agreement with Solana Growth Ventures LLC for senior secured convertible notes, with an initial $11 million closing expected immediately. Shares of Classover surged nearly 40% on Monday after unveiling the plan, before retreating slightly in after-hours trading.

Expanding SOL Commitment

Under the new agreement, Classover must allocate up to 80% of the net proceeds toward purchasing SOL tokens, demonstrating the company's strong conviction in Solana's long-term prospects. The deal complements the company's previously announced $400 million equity purchase facility, bringing its total potential SOL-focused financing capacity to $900 million.

"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."

The company has already begun executing its strategy, having purchased 6,472 SOL tokens for approximately $1.05 million as an initial step in what it describes as a long-term accumulation plan.

Part of Broader Corporate Trend

Classover's move reflects a growing corporate adoption of what some analysts are calling "Solana treasury strategies"—SOL Strategies, Upexi, and DeFi Development Corp are acquiring millions of dollars of solana to stockpile, mirroring the Bitcoin treasury approach popularized by Strategy's Michael Saylor.

Two publicly traded companies, DeFi Development Corp and Sol Strategies, have made significant moves to deepen their involvement in the Solana ecosystem, acquiring a combined total of over $29 million worth of SOL tokens in recent days.

SOL Strategies, a Toronto-listed company, has announced plans to raise $1 billion and said it will use the capital to buy more SOL and expand its Solana validator business.

DeFi Development Corp has pursued an aggressive SOL accumulation strategy, securing $42M through convertible notes to fund its $1B investment plan and recently completing a 7-for-1 stock split to support its treasury push.

Upexi, a consumer products company, received a $100 million deal led by crypto trading firm GSR to help it create a Solana-based cryptocurrency treasury.

Strategic Rationale

The trend toward SOL treasuries represents a departure from traditional corporate treasury management, with companies viewing Solana tokens as both a store of value and a strategic asset tied to the growing blockchain ecosystem. Unlike Bitcoin's primarily monetary use case, Solana's utility as a high-performance blockchain platform for applications and decentralized finance provides additional strategic value.

Classover, founded in 2020 as a provider of live online K-12 education, launched its SOL treasury strategy last month to "enhance its balance sheet with a high-performance, scalable digital asset." The company is also exploring opportunities for acquiring discounted blocks of locked tokens as part of its broader accumulation strategy.

The convertible notes carry specific terms designed to provide flexibility while protecting investors. The notes may be converted into Classover's Class B common stock at an initial conversion price equal to 200% of the closing price on the trading day prior to closing, subject to adjustments.

The success of these early SOL treasury adopters will likely influence whether more traditional corporations follow suit, potentially establishing Solana as a legitimate corporate treasury asset alongside Bitcoin and traditional reserves.