Classover Holdings, Inc. (Nasdaq: KIDZ, KIDZW), a provider of live, interactive online learning, has announced a major strategic shift into blockchain assets.
According to the information the company has completed its initial Solana (SOL) purchase and entered into a securities purchase agreement with Solana Growth Ventures LLC for the issuance of up to $500 million in senior secured convertible notes, aimed at accelerating its SOL-based treasury strategy.
Key Highlights:
- Up to $500M in Funding: The agreement allows Classover to issue up to $500 million in senior secured convertible notes. An initial $11 million closing is expected soon, pending customary conditions.
- Conversion Option: The notes are convertible into Classover’s Class B common stock at a conversion price of 200% of the closing price of the Class B shares on the issuance date.
- SOL Allocation: Classover will allocate up to 80% of net proceeds from the note issuance toward acquiring and staking Solana (SOL) tokens, further integrating crypto assets into its treasury framework.
- Strategic Expansion: This new agreement builds on a previously announced $400 million equity financing deal, bringing the company’s total potential financing capacity to $900 million, all aimed at expanding its SOL holdings.
- Initial Investment Complete: Prior to the agreement, Classover had already acquired 6,472 SOL valued at approximately $1.05 million, signaling the beginning of a long-term strategy to acquire, hold, and stake SOL.
A Web3-Ready Treasury Approach
By anchoring its treasury strategy in Solana, Classover joins a growing list of public companies diversifying into crypto reserves. This move signals both a commitment to blockchain innovation and a hedge against traditional financial system volatility.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/nasdaq-listed-company-launches-500m-plan-to-build-solana-based-treasury-reserve/