Classover signs $500M convertible note deal for Solana reserve
The K-12 education company has up to $900 million to purchase Solana tokens.
Classover, a K-12 education company, has announced a move into crypto through the creation of a Solana reserve.
The company plans to issue up to $500 million in senior convertible notes, with 80% of the proceeds allocated to purchasing Solana (SOL). The move follows a growing pattern of companies expanding into crypto-related strategies along with their core businesses.
According to a June 2 announcement, Classover has already purchased 6,472 SOL worth approximately $1.1 million to start its reserve. The issuance of $500 million in convertible notes comes through a partnership with Solana Growth Ventures.
Classover is an online education company offering learning courses for K-12 students worldwide. On June 3, a day after the announcement, its shares reached $5.45 on the Nasdaq, an intraday rise of 46.5% at the time of publication.
According to the company, the issuance of up to $500 million in convertible notes could be complementary to Classover’s $400 million equity purchase agreement. Combined, these two financing methods would bring the company’s Solana purchasing power to $900 million.
Related: DeFi Development Corp adds $11.5M SOL, shares jump 12%
Solana reserve companies
Classover’s pivot to a Solana reserve company marks a trend of some publicly traded companies turning to SOL to create more revenue streams and spark investor interest.
In May, SOL Strategies, a publicly traded Canadian company, sought regulatory permission to raise up to $1 billion for its SOL staking operations. The company’s Q2 2025 earnings report revealed a rise in validator and staking revenue.
Upexi, also listed on the Nasdaq, saw its shares soar 630% after it announced a $100 million raise in April, with 90% of the funds pledged to SOL purchases.
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