Classover Secures $500 Million Deal for Solana Treasury, Share Price Surges 46% on Nasdaq

Classover's Bold Move into Solana Treasury

Classover Holdings Inc., a Nasdaq-listed educational technology company, has made headlines by announcing a $500 million funding deal aimed at establishing a Solana (SOL)-based corporate treasury reserve. The deal, signed with Solana Growth Ventures LLC, involves the issuance of senior secured convertible notes, with the initial funding of $11 million expected to close shortly after meeting customary conditions. This move makes Classover one of the first publicly traded companies to integrate Solana into its financial strategy.

Classover Holdings, Inc., founded in 2020 and headquartered in New York, is a prominent education technology company listed on NASDAQ (KIDZ, KIDZW), offering live online classes for K-12 students worldwide. As of June 2, 2025, the company has a market capitalization of $63.8 million. In 2024, Classover reported annual revenue of $3.7 million, a 19% increase from the prior year, and projects 2025 revenue to range between $10 million and $15 million, reflecting a 172% to 308% year-over-year growth. As the digital economy evolves, Classover has strategically pivoted towards blockchain-based financial strategies to diversify its assets and enhance its financial resilience.

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The company plans to allocate up to 80% of the funds raised toward purchasing Solana tokens, Classover CEO Stephanie Luo commented on the deal, stating, “This agreement marks a significant milestone in the company's strategic initiative to build a SOL-based treasury reserve.”

Before this announcement, Classover had already acquired 6,472 SOL tokens worth approximately $1.05 million, marking the initial step in its long-term strategy of accumulation, holding, and staking Solana tokens.

Financial Strategy and Market Reaction

The $500 million convertible note agreement complements an earlier $400 million equity purchase agreement, bringing Classover’s total potential Solana-focused financing capacity to $900 million. This financial strategy is designed not only to strengthen the company’s crypto treasury but also to address short-term liquidity challenges. Notably, Classover’s current liquidity ratio is at a low 0.02, highlighting the importance of this funding round.

This move into crypto aligns with Classover’s broader diversification strategy. The company has been exploring blockchain technologies as a way to create additional revenue streams and leverage cutting-edge solutions to support its business model. The decision to focus on Solana stems from its high transaction speed, scalability, and active developer ecosystem, making it an attractive option for corporate treasury reserves.

Under the terms of the convertible notes, investors have the option to convert them into Class B common stock at a price that is double the stock’s closing price on the day before the deal closes. This feature adds an attractive incentive for investors while ensuring long-term commitment to the company.

The market reacted positively to the announcement. On June 3, a day after the deal was disclosed, Classover's shares soared by 46.24%, reaching $5.44 during intraday trading on Nasdaq.

Broader Implications for Solana and Corporate Crypto Adoption

Classover’s move is part of a broader trend among publicly traded companies adopting Solana treasury strategies. Other companies, such as DeFi Development Corp and SOL Strategies, have also made significant investments in Solana, collectively acquiring millions of dollars worth of SOL tokens. SOL Strategies, for instance, plans to raise $1 billion to expand its Solana validator business.

By integrating Solana into its corporate treasury, Classover is not only diversifying its assets but also aligning itself with the growing blockchain economy.