Classover to Issue $500 Million in Notes for Solana Reserve

Classover Holdings, Inc., a leading provider of real-time interactive online learning, has announced a significant development in its strategic plan to establish a Solana (SOL)-based treasury reserve. The company has entered into a Securities Purchase Agreement with Solana Growth Ventures LLC, which involves the issuance of up to $500 million in Senior Secured Convertible Notes. These notes can be converted into Class B common stock at a conversion price set at 200% of the stock's closing price on the day before the closing date, with potential adjustments.

The agreement stipulates that Classover is obligated to allocate up to 80% of the net proceeds from this issuance toward the purchase of SOL, adhering to specific terms and limitations. This strategic move complements Classover's previously announced $400 million equity purchase agreement, thereby increasing the company's total potential financing to $900 million. The company has already initiated its Solana reserve strategy by purchasing 6,472 SOL for approximately $1.05 million and is exploring the acquisition of discounted sets of locked tokens to further its accumulation and treasury objectives.

The CEO of Classover Holdings emphasized the significance of this agreement, stating, "This agreement marks a significant milestone for the company in its efforts to build a SOL-based treasury reserve strategy. By signing this agreement, Classover reaffirms its strong commitment to becoming a leader in blockchain finance strategy and positions itself as one of the first publicly traded companies to directly integrate SOL into its treasury operations."

The initial funding of $11 million is anticipated to occur following the fulfillment of standard closing conditions. This move underscores Classover's commitment to leveraging the Solana blockchain for its financial strategies, positioning the company as a key player in the cryptocurrency ecosystem. The agreement with Solana Growth Ventures is a significant step in Classover's strategic effort to build a treasury reserve centered on Solana, further solidifying its position in the blockchain finance landscape.