Wall Street Meets Crypto: Nasdaq Giant Drops $500M Bomb on Solana
Another day, another traditional finance player tries to buy relevance in crypto-land.
Breaking: A publicly traded company just pledged half a billion dollars to snatch up Solana—because nothing says ’innovation’ like throwing institutional money at the third-generation blockchain darling.
The move reeks of FOMO. With Solana’s recent resurgence, even suits are scrambling to pretend they understood layer-1 scaling solutions back in 2020.
Pro tip: Watch the SEC subpoenas hit their inbox before the SOL tokens hit their treasury.
Source: CNBC
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.
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.”
