The growth of the cryptocurrency sector so far this year has been nothing short of remarkable. With regulatory shifts taking place across the globe, the asset class has gotten increased focus in financial markets. That continued this week, as one Nasdaq-listed company unveiled its plan to buy $500 million worth of Solana.
Indeed, the New York-based Classover Holdings announced its plan to build a SOL-based corporate treasury. In a statement released on Monday, they outlined a new purchase agreement with Solana Growth Ventures. This will see the company embrace Solana as a treasury asset in a major development for the crypto and its network.
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Nasdaq-Listed Classover Announced Deal to Form $500 Million Solana Treasury
Throughout the last year, publicly traded companies investing in cryptocurrencies has become more common in its occurrences. Although not commonplace, it has been adopted by an increasing number of firms over the last year.
Where firms like Michael Saylor’s Strategy have embraced Bitcoin, SOL Strategies has sought to increase its Solana holdings. Indeed, they most recently announced a plan to buy $1 billion worth of SOL.
They are not alone in their embrace of the cryptocurrency, as its viability and popularity have only increased. Specifically, one Nasdaq-listed company is set to join SOL strategies, as they have announced a plan to buy $500 million worth of Solana.
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Classover completely te hintial phase of the purchasing agreement to establish a Solana corporate treasury. Specifically, it provides the capital in the form of senior secured convertible notes. Additionally, the deal with Solana Growth Venture LLC will begin with $11 million in prompt funding “after customary closing conditions have been satisfied.”
The agreement states that Classover is required to allocate 80% of net proceeds to buying Solana. “This agreement marks a significant milestone in the company’s strategic initiative to build a SOL-based treasury reserve,” CEO Ms. Luo said. Moreover, the move makes the business “among the first publicly traded companies to directly integrate SOL into its treasury operations.”