- A New York-based educational technology firm is using the Michael Saylor playbook to buy Solana.
- The high-speed blockchain has attracted several companies looking to diversify their holdings in recent months.
A little-known educational technology firm is doubling down on Solana.
New York-based Classover Holdings, a provider of interactive online learning, said Monday it plans to borrow up to $500 million to add the Solana cryptocurrency to its corporate treasury — just one month after announcing it struck an agreement to sell as much as $400 million in equity for that very purpose.
Per the agreement, venture capital firm Solana Growth Ventures LLC will buy up to $500 million in secured convertible notes from Classover — debt that Solana Growth Ventures can choose to convert into Classover equity.
Classover can use up to 80% of the proceeds to purchase Solana, according to the agreement. Shares of the company’s stock rose more than 100% following the announcement.
How much Classover ultimately invests in Solana remains to be seen. But the company now has $900 million available to purchase the cryptocurrency.
On May 1, Classover said it had reached a $400 million equity purchase agreement with Solana Strategies Holdings LLC and would allocate a “significant portion” of the proceeds to buying and staking Solana.
Classover has already bought 6,472 Solana, worth about $1 million, the company said Monday.
The online learning company’s crypto treasury move is part of a growing trend in which companies buy crypto in a bid to boost their share price or hedge against inflation.
While Bitcoin has been the primary target of these strategies, a number of other tokens have also come to focus, especially Solana.
Solana treasuries
Classover isn’t the only company that has moved toward a Solana-focused treasury strategy.
One of the first initially operated as a Bitcoin holdings company. Originally known as Cypherpunk Holdings, the company rebranded in September 2024 to Sol Strategies, transitioning into an investor in and infrastructure provider for the Solana ecosystem.
Cypherpunk began with the operation of one Solana validator with 101,200 Solana, worth over $20 million. As of May 31, Sol Strategies operates four validators and has acquired more than 395,000 Solana, worth over $63 million.
On May 27, Sol Strategies announced it had received permission to sell shares worth as much as $1 billion. While the company doesn’t have immediate plans to sell those shares, it sought flexibility to access capital “as future opportunities arise in the rapidly evolving Solana ecosystem,” CEO Leah Wald said in a statement.
DeFi Development Corp, which took direct inspiration from Michael Saylor’s Strategy, began Solana purchases in April.
Initially a real-estate fintech company called Janover, it made a complete pivot after a majority stake of the firm was acquired by a team of former crypto executives.
Its strategy is to stake Solana to generate yield, which can be used to purchase and stake more Solana. It currently holds a total of 621,313 Solana, worth about $100 million.
Upexi, a consumer brand producer, announced last month that it plans to raise $100 million through the sale of equity to fund the purchase of Solana. Meanwhile, NewGen Group, an Asia-based healthcare firm, said on Monday it is set to invest $30 million in staking Solana.
Solana is currently trading at $160.
Zachary Rampone is a DeFi correspondent at DL News. Have a tip? Contact him at zrampone@dlnews.com
