Solana (SOL) rose 5% on Tuesday after education technology company Classover Holdings announced it would issue up to $500 million in senior convertible notes to support its Solana treasury strategy.

Nasdaq-listed Classover Holdings (ticker: KIDZ) has entered into a securities agreement with Solana Growth Ventures to issue up to $500 million in senior convertible notes. Under the agreement, Classover will use 80% of the proceeds to increase its Solana asset holdings, subject to certain terms and conditions.

Classover CEO Stephanie Luo said: "This agreement marks an important step in the company's efforts to build a treasury reserve strategy based on SOL."

Previously, Classover announced a $400 million equity purchase agreement on May 1, and with this bond issuance, the company expects total financing to reach $900 million.

Classover also plans to acquire locked SOL at a discount to advance its Solana treasury strategy. Previously, the company had spent about $1.05 million to purchase 6,472 SOL as the launch of its SOL treasury strategy.

Currently, Classover has joined top companies such as DeFi Development Corporation and SOL Strategies to participate in the Solana treasury strategy.

Meanwhile, Canada's SOL Strategies (HODL) announced last Thursday that it had liquidated its Bitcoin (BTC) position and fully turned to the Solana acquisition plan. The company purchased 26,478 SOL for $4.7 million last week, bringing its total holdings to 420,355 SOL. This move makes SOL Strategies the second largest corporate holder after DeFi Development Corp, which holds more than 600,000 SOL.

On the other hand, DeFi Development Corp launched a liquid staking token (LST), dfdvSOL, and announced on Monday that it had reached a cooperation with DeFi protocol Kamino Finance. Kamino Finance will integrate dfdvSOL into its lending market to enhance its utility and benefits in the Solana ecosystem.

Users who stake SOL through DeFi Development Corp’s validators will receive dfdvSOL as LST representing their total staked amount.

These developments reflect the growing competition among enterprises to copy the financial wisdom company Strategy’s Bitcoin playbook, not only leveraging BTC, but also other digital assets. Therefore, considering that they offer innovative ways to maximize token returns, such as staking, re-staking, decentralized finance (DeFi) lending and borrowing, altcoins may compete with Bitcoin in the enterprise space.