Classover signs $500M convertible note deal for Solana reserve
The K-12 education company has up to $900 million to purchase Solana tokens.
Classover, a K-12 education company, has announced a move into crypto through the creation of a Solana reserve.
The company plans to issue up to $500 million in senior convertible notes, with 80% of the proceeds allocated to purchasing Solana (SOL). The move follows a growing pattern of companies expanding into crypto-related strategies along with their core businesses.
According to a June 2 announcement, Classover has already purchased 6,472 SOL worth approximately $1.1 million to start its reserve. The issuance of $500 million in convertible notes comes through a partnership with Solana Growth Ventures.