The Nasdaq-listed online educational platform Classover announced June 2 that it has entered into a securities purchase agreement for the issuance of up to $500 million in senior secured convertible notes as part of a strategic initiative to build a solana ( SOL)-based treasury reserve. It added that an initial closing and funding of $11 million is set to occur right after customary closing conditions have been met.

According to a statement, the terms of the agreement compel Classover to allocate up to 80% of the net proceeds toward purchases of SOL. With this agreement, Classover joins the few listed companies that have prioritized adding SOL to their respective treasuries instead of bitcoin. The company’s CEO, Hui Luo, said the agreement reaffirms Classover’s strong desire to become a leader in blockchain-aligned financial strategy.

“This agreement marks a significant milestone in the Company’s strategic initiative to build a SOL-based treasury reserve,” Luo said. “By entering into this agreement, Classover reaffirms its strong commitment to becoming a leader in blockchain-aligned financial strategy and positioning itself among the first publicly traded companies to directly integrate SOL into its treasury operations.”

Other listed companies that have prioritized SOL include DeFi Development Corp., which held 621,313 SOL in its treasury as of May 31. SOL Strategies Inc. is another listed company that has chosen SOL over bitcoin, as is investment issuer Torrent Capital Ltd.

Meanwhile, the statement released by Classover states that the secured convertible notes may be converted into the company’s Class B common stock. This will be done at an initial conversion price equal to 200% of the closing price of the company’s Class B common stock on the trading day.

The latest agreement also complements Classover’s previously announced $400 million equity purchase agreement, thus potentially increasing its total potential financing capacity to $900 million. However, prior to this agreement, Classover had already initiated its SOL reserve strategy after purchasing 6,472 SOL for approximately $1.05 million.

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