K-12 education company Classover has announced its entry into the cryptocurrency space by creating a Solana reserve.

The company plans to issue up to $500 million in senior convertible bonds, with 80% of the funds earmarked for purchasing Solana (SOL). This move reflects a growing trend of companies expanding into crypto-related strategies beyond their core businesses.

According to an announcement on June 2, Classover has purchased 6,472 SOL, valued at approximately $1.1 million, to kickstart its reserve. Through a partnership with Solana Growth Ventures, the company will issue $500 million in convertible bonds.

Classover is an online education company that provides learning courses for K-12 students globally. On June 3, the day after the announcement, its stock price on Nasdaq reached $5.45, with an intraday increase of 46.5% as of the time of writing.

According to the company, the issuance of up to $500 million in convertible bonds may complement Classover's $400 million equity purchase agreement. The combination of both will bring the total amount for purchasing Solana to $900 million.

Classover's move to establish a Solana reserve marks a trend among some publicly listed companies turning to SOL to create additional revenue streams and spark investor interest.

In May, Canadian-listed company SOL Strategies sought regulatory approval to raise up to $1 billion for its SOL staking operations. The company's earnings report for the second quarter of 2025 showed growth in validator and staking revenue.

Similarly, Upexi, also listed on Nasdaq, saw its stock price soar 630% after announcing a $100 million fundraising in April, with 90% of the funds committed to purchasing SOL.

Related: Metaplanet purchases $118 million to become the 8th largest Bitcoin (BTC) holder

Original article: “Classover signs $500 million convertible bond deal for Solana reserve”

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