Here are the details of Classover’s $500 million convertible note deal for Solana reserve:
Parties Involved: Classover Holdings (NASDAQ: KIDZ), a leading provider of live, interactive online learning, and Solana Growth Ventures LLC.
Agreement Details:
Issuance of Convertible Notes: Classover will issue up to $500 million in senior secured convertible notes. An initial closing and funding of $11 million is expected to occur promptly after customary closing conditions are satisfied.
Conversion Terms: The notes may be converted by the holder into the company’s Class B common stock at an initial conversion price equal to 200% of the closing price of the company’s Class B common stock on the trading day immediately prior to the closing date, subject to adjustment as provided for in the notes.
Use of Proceeds: Classover is required to allocate up to 80% of the net proceeds toward purchases of Solana (SOL), subject to certain terms and limitations.
Complementary Agreements: This new agreement complements Classover’s previously announced $400 million equity purchase agreement, increasing the company’s total potential financing capacity to $900 million, dedicated to supporting its SOL acquisition strategy.
Company’s Intention: Classover aims to become the first Nasdaq – listed company with a Sol – dominated treasury. Its CEO, Stephanie Luo, stated that this move positions Classover as a blockchain financial strategy leader.
Market Reaction: After the announcement on June 3, 2025, Classover’s shares reached $5.45 on the Nasdaq, an intraday rise of 46.5%.
Before this agreement, Classover had already initiated its SOL reserve strategy, having purchased 6,472 SOL for approximately $1.05 million. The company is also exploring opportunities for acquiring discounted blocks of locked tokens as part of its broader accumulation and treasury strategy.
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