Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy
Classover Holdings (KIDZ), a publicly traded online education company, has revealed it's making a big bet on solana SOL.
The company said in a press release that it entered a new agreement to sell up to $500 million in senior secured convertible notes, aiming to use most of the proceeds to build a treasury of SOL tokens.
The agreement, made with Solana Growth Ventures , allows for an initial $11 million funding round. Classover plans to allocate up to 80% of the net proceeds from the notes toward SOL purchases.
These notes can be converted into Class B shares at double the stock's trading price prior to closing, with adjustment clauses baked in. It's worth noting that other firms, including Defi Development Corp., are also doubling down on their SOL treasury initiatives.
Classover's move builds on its earlier acquisition of 6,472 SOL, for roughly $1.05 million, marking the beginning of its solana accumulation strategy.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 hours ago
- Yahoo
Solana 's SOL Rebounds as Buyers Step In Above $147
SOL SOL showed renewed strength Saturday as it rebounded from a low of $147.13 to trade back above $151, despite lingering global macroeconomic headwinds. The recovery comes amid a spike in on-chain activity, with Coin Days Destroyed surging to 3.55 billion—its third-highest level this year—indicating movement of long-dormant tokens. The bounce off $147 confirmed a bullish double bottom pattern, supported by rising volume and a return to a short-term bullish channel on the 6-hour chart. Solana now faces overhead resistance near $152.85, where sellers previously stepped in, but a move above that level could open the door toward the $155–$157 zone. While Solana's network fundamentals remain strong, the broader macro environment continues to inject volatility into crypto markets, with ongoing US-China tariff disputes and rising global bond yields weighing on investor confidence. Technical Analysis Highlights SOL rallied from $147.13 to $152.94, gaining 3.95% intraday. Double bottom formed near $147.50, signaling a potential trend reversal. Resistance is developing at $152.50–$153.00, capping upward momentum. Bullish channel seen on 6-hour chart, with volume rising on green candles. Coin Days Destroyed spiked to 3.55 billion, its third-highest reading in 2025. Price dropped slightly in the last hour from $152.51 to $151.77 (0.48%). Hourly chart shows bearish engulfing pattern; $150.85 is near-term support. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Yahoo
2 days ago
- Yahoo
SOL Slips Below $150 as Whale Outflows Weigh on Market Sentiment
Solana (SOL) continues to face mounting bearish pressure as the price slid below the psychological $150 level, marking a 5.2% drop in the past 24 hours. The sell-off intensified during the early afternoon session with high-volume trades flooding exchanges. Analysts attribute the decline to more than 3 million SOL tokens being transferred to centralized platforms over the past three days, coinciding with more than $468 million in estimated outflows. This significant shift in on-chain activity has cast doubt on short-term recovery prospects, even as the Solana network continues to post strong usage metrics. With over 100 million transactions and 7 million daily active addresses, the fundamentals suggest long-term strength, but price action remains disconnected from protocol performance. Analysts say reclaiming resistance at $153 and stabilizing above $150 is now critical to preventing a deeper retracement. Technical Analysis Highlights SOL-USD posted a $8.19 range from the high of $157.98 to a low of $149.79. Price breached psychological support at $150 during a massive 182K volume spike at 13:56. Resistance remained firm at $153.00 as repeated recovery attempts failed during the late session. A descending channel has developed with lower highs and lower lows dominating the chart. Volume surges at 13:39 (21K), 13:45 (66K), 13:51 (89K), and 13:56 (182K) confirm aggressive selling. Modest buy interest is emerging around $149.50-$150.60, but downside risk persists if bulls cannot hold the current floor. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Sign in to access your portfolio
Yahoo
2 days ago
- Yahoo
PTSD-Afflicted Crypto Investors Hit the Sell Button After Circle's Euphoric IPO
Is it 2021 all over again? Circle (CRCL) debuted to wild upside action on the New York Stock Exchange on Thursday, its shares more than tripling from the IPO price of $31. The event was the culmination of a long journey for the USDC stablecoin issuer, which had been pursuing an IPO for several years. For the crypto industry, it's certainly a win — a sign of strong traditional investor demand and that under the Trump administration, crypto native firms really do have a path to going public. But cryptocurrencies themselves weren't enthused. Bitcoin BTC slid more than 2% to $102,800, its weakest level in about a month, while the CoinDesk 20 (an index of the top 20 cryptocurrencies by market capitalization except for stablecoins, memecoins and exchange coins) fell over 3%. Leading the selloff are tokens such as SOL, AVAX and AAVE, all lower by roughly 6%. It's too early to tell whether the downtrend will persist in the short, medium or long term, but for industry veterans, it's hard not to see shades of another crypto IPO — that of Coinbase (COIN), which took place on April 14, 2021 and marked a then-epic top of $65,000 for bitcoin. Roughly two months following the COIN debut, bitcoin had plunged nearly 60% to about the $28,000 level. A sharp autumn bounce in prices did have bitcoin again re-claiming that $65,000 level, but the selling quickly took hold once again. A brutal bear market ensued through late 2021 and throughout 2022, with bitcoin ultimately bottoming at around $15,000. Bitcoin wouldn't reclaim a fresh record price until March 2024, nearly three years after the Coinbase in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
