Classover plans to raise $500 million to buy SOL to build a blockchain treasury

PANews reported on June 3 that, according to The Block, Classover, a U.S.-listed education technology company, announced that it would build its SOL-based corporate treasury by issuing up to $500 million in convertible notes. The protocol requires that up to 80% of the net proceeds be used to purchase Solana's native token, SOL. The transaction is based on a previously announced $400 million equity financing agreement with potential gross proceeds of $900 million. After the news was announced, Classover's stock price soared 39.85% in a single day.

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