- Classover issues $500M convertible notes; 80% ($400M) funds Solana (SOL) purchases, diversifying beyond its core K-12 education business.
- Following an initial $1.1M SOL purchase, Classover shares surged 46.5% on Nasdaq after announcing the crypto reserve strategy.
Classover, a Nasdaq-listed education company serving K-12 students, announced a strategic expansion into cryptocurrency. The firm will establish a reserve fund dedicated to Solana (SOL). Eighty percent of the proceeds, approximately $400 million, will purchase SOL tokens.
The company confirmed an initial purchase of 6,472 SOL, valued near $1.1 million. This transaction initiates the reserve. Classover partnered with Solana Growth Ventures to manage the $500 million convertible notes offering. These notes represent debt convertible into Classover equity under specific future conditions.
Classover’s shares traded at $5.45 on June 3rd. This price reflected an intraday increase of 46.5% following the Solana reserve announcement. The convertible notes issuance supplements an existing $400 million equity purchase agreement. Together, these financial instruments could provide Classover with $900 million for acquiring Solana.
This action aligns Classover with a developing corporate approach. Other publicly traded firms increasingly incorporate Solana reserves alongside core operations. In May, Canadian company SOL Strategies sought regulatory clearance. It aims to raise $1 billion for Solana staking activities, reporting increased validator revenue.
Upexi, another Nasdaq entity, experienced a 630% share price surge in April. This surge occurred after Upexi announced a $100 million funding round. Ninety percent of those funds were committed to Solana purchases.
Solana (SOL) is trading at $158.05 USD, reflecting a +1.80% gain in the last 24 hours. This comes after a steep correction of more than 13% recently, but a bullish signal has sign from the Tom Demark Sequential indicator on the 12-hour chart, suggesting a potential trend reversal.
Over the past week, however, SOL remains down −7.83%, while its monthly performance stands at +9.90%, showing moderate recovery. On the yearly chart, SOL is marginally down −1.21%, indicating it’s in a consolidation phase following major highs earlier in the year.
Technically, Solana is in a neutral setup, with moving averages and oscillators offering no clear buy or sell signals for now. Volatility is at 4.67%, meaning active traders can expect significant intraday price movement. A break above the $165–$170 resistance range could confirm a bullish continuation, while failure to hold above $155 may expose SOL to further downside toward $140.
