tl;dr
Nasdaq-listed online education platform Classover has announced a crypto-buying strategy focused on acquiring Solana (SOL), the sixth largest digital coin, rather than Bitcoin. Classover entered an agreement to issue $500 million in senior secured convertible notes to purchase SOL and has already bo...
Nasdaq-listed online education company Classover has committed $500 million to purchase and stake Solana (SOL), aiming to integrate the cryptocurrency into its treasury operations.
Classover has already acquired 6,472 SOL, valued at about $1.05 million, as part of its blockchain-aligned financial strategy.
CEO Hui Luo emphasized the firm’s commitment to becoming a leader in blockchain integration and positioning itself among the first publicly traded companies to hold and stake SOL in its treasury.
Solana, the native cryptocurrency of the Solana blockchain, is the sixth largest digital coin and competes directly with Ethereum.
The blockchain supports a variety of applications such as crypto exchanges, games, and meme coins.
Notably, Visa uses Solana’s technology to accelerate credit card payments, while Solana Pay has been integrated with Shopify, enabling merchants to accept USDC stablecoin payments.
Classover’s move follows a growing trend among Nasdaq-listed companies building crypto treasuries.
For example, DeFi Development Corporation holds nearly 600,000 SOL, worth close to $100 million.
This mirrors the earlier Bitcoin treasury strategies pioneered by MicroStrategy, which remains the largest corporate Bitcoin holder with over 580,000 BTC valued at more than $61 billion.
Other firms like Semler Scientific and Metaplanet have also adopted similar crypto investment strategies.
Following the announcement, Classover’s stock (ticker: KIDZ) surged more than 40% in 24 hours, trading just above $5.
This market reaction highlights investor enthusiasm for firms incorporating blockchain assets beyond Bitcoin into their treasuries.