Classover (KIDZ), the Nasdaq-listed edtech firm, has made a bold entrance into the Solana ecosystem with a major financial commitment aimed at strengthening its digital asset reserves. The company announced plans to issue up to $500 million in senior convertible notes, with 80% of the proceeds earmarked for acquiring and staking Solana (SOL)—a move that sent the cryptocurrency up 5% within 24 hours of the news.
The announcement comes just weeks after Classover revealed a $400 million equity purchase agreement on May 1, pushing its total expected financing to $900 million. These moves align with Classover’s broader ambition to establish a SOL-based treasury reserve, according to CEO Stephanie Luo, who called the note issuance “a significant milestone” in the company’s strategic digital asset roadmap.
Beyond acquiring liquid tokens, Classover is also targeting locked SOL at discounted prices, signaling a dual approach that combines active treasury building with value-seeking investment strategies. This builds on the firm’s initial purchase of 6,472 SOL for $1.05 million, which marked the beginning of its treasury program.
With this aggressive strategy, Classover joins a growing list of institutions building substantial SOL holdings. Competitors include SOL Strategies (HODL), which recently liquidated its entire Bitcoin (BTC) position to double down on Solana, acquiring 26,478 SOL for $4.7 million last week and bringing its total to over 420,000 SOL. The firm is now the second-largest corporate SOL holder, behind DeFi Development Corp, which has accumulated more than 600,000 SOL.
DeFi Development Corp is also spearheading innovation in the space. The company launched dfdvSOL, a liquid staking token, in collaboration with Kamino Finance, allowing stakers to earn yield while maintaining liquidity. Kamino will integrate dfdvSOL into its borrowing and lending markets, providing additional incentives for SOL holders to stake with DeFi Development Corp.
The competition among corporations to mirror financial intelligence firm Strategy’s playbook—originally centered on Bitcoin—has now expanded into a multi-asset race, with Solana gaining serious ground due to its DeFi integration, staking rewards, and scalable ecosystem.
Despite the short-term price uptick, SOL remains down 9% on the weekly timeframe after a Sunday dip to $150. Currently approaching resistance at $163, any rejection may lead SOL back to its support at $147.
As institutional players like Classover continue to commit hundreds of millions to Solana, the digital asset’s role as a corporate treasury option is rapidly evolving. Whether this trend signals a broader shift away from Bitcoin’s dominance remains to be seen—but one thing is clear: Solana’s treasury wars are just beginning.
 will issue up to $500M in senior convertible notes to fund its Solana treasury, aiming to stake SOL){kind=link}