A Nasdaq-listed online education platform has announced a crypto-buying strategy—but will snap up SOL, the sixth biggest digital coin, and not Bitcoin.
Classover, which provides online children classes, said Tuesday that it had entered into an agreement with Solana Growth Ventures LLC to issue $500 million in senior secured convertible notes to purchase Solana.
The company added that it had already bought 6,472 SOL for approximately $1.05 million as part of its plan to "acquire, hold, and stake Solana."
In a statement, the New York-based firm's CEO Hui Luo said the company had a "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."
Decrypt reached out to Classover for additional comment.
SOL is the native coin of the Solana blockchain, a crypto network that competes with Ethereum. Developers use the blockchain to build everything from crypto exchanges and meme coins to games.
The asset has gained popularity in recent years with the likes of Visa announcing it would use the blockchain's technology to speed up credit card payments.
Solana's payment protocol Solana Pay has also integrated with the e-commerce platform Shopify so merchants can accept stablecoin USDC via the blockchain.
Classover is following a similar path to Nasdaq-listed AI-powered real estate platform DeFi Development Corporation, which has a SOL treasury of nearly 600,000 coins valued at close to $100 million. Its initiative is also part of a wave of companies building crypto treasuries.
Strategy—formerly MicroStrategy—was the first publicly traded company to start a Bitcoin-buying masterplan.
The software firm is now the largest corporate holder of Bitcoin, with 580,955 BTC—or $61.6 billion—in the leading cryptocurrency. The firm allows investors to buy its stock as a Bitcoin proxy.
Other publicly traded companies that have followed suit include Semler Scientific and Metaplanet.
Classover stock (KIDZ) was trading for a little over $5 on Tuesday, after jumping 40% over a 24-hour period.
Edited by James Rubin
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