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.