Classover Holdings Launches $500M Convertible Note Offering to Fuel Solana Treasury Growth
Classover Holdings (KIDZ), a publicly listed online education company, is ramping up its investment in Solana (SOL) through a new $500 million senior secured convertible note program.
The company disclosed that it will use up to 80% of the net proceeds from the convertible notes to acquire SOL tokens, aiming to bolster its cryptocurrency treasury.
The deal, struck with Solana Growth Ventures, includes an initial funding tranche of $11 million, marking the start of a broader capital raise.
Convertible noteholders will have the option to convert their notes into Class B shares at twice the pre-closing stock price, with adjustments in place to protect investors. This move echoes a growing trend among firms like Defi Development Corp., which are also increasing their Solana treasury holdings.
Classover previously kickstarted its SOL accumulation with a purchase of 6,472 tokens valued at about $1.05 million, setting the stage for a more aggressive strategy to build exposure to the Solana ecosystem.
