Public Companies Bet Big on Crypto: Classover, TGL, and K Wave Media Commit Hundreds of Millions to Solana, Bitcoin, and Ethereum

An increasing number of publicly traded companies are establishing reserves in cryptocurrencies. Recently, educational platform Classover, fintech firm Treasure Global (TGL), and South Korean media alliance K Wave Media (KWM) announced similar intentions.

The Nasdaq-listed company plans to raise up to $500 million to establish a corporate treasury reserve in Solana.

Classover has signed agreements with Solana Growth Ventures LLC and announced the issuance of senior secured convertible notes. The first tranche of funding, amounting to $11 million, is expected to be received shortly after standard closing conditions are met. The company intends to allocate up to 80% of the net proceeds from the notes issuance to purchase SOL tokens.

This new financing complements a previously announced agreement by Classover to buy $400 million worth of shares. Consequently, the total potential funds earmarked for SOL acquisitions reaches $900 million.

In May, the company launched its treasury formation strategy in SOL to «strengthen its balance sheet with a high-performance, scalable digital asset.»

As of the time of writing, Classover’s shares, traded under the ticker KIDZ, are priced at $4.56, having decreased by 16.18% in one day, according to Google Finance.

TGL plans to invest up to $100 million in cryptocurrencies, which will include digital gold, Ethereum, and regulated stablecoins.

Half of these funds will come from existing equity, while the other $50 million will come from institutional partnerships. The assets will also support an AI platform focused on consumer behavior analysis, set to launch by the end of this year.

The company added that this initiative will lay the groundwork for tokenized loyalty programs and cryptocurrency payment mechanisms.

Treasure Global’s (TGL) stock is currently valued at $1.48 (+0.68% in one day).

The Nasdaq-listed firm plans to raise up to $500 million for its Bitcoin strategy. It has entered into a securities sale agreement with Bitcoin Strategic Reserve KWM. According to a press release, K Wave Media aims to become the «Korean Metaplanet.»

Funds from the sale of common shares will be directed towards establishing a Bitcoin-focused treasury. The company is also considering acquiring other cryptocurrencies.

Additionally, the funds will be utilized for mergers and acquisitions to expand its content and K-POP business segments. K Wave Media also plans to manage Lightning Network nodes and invest in infrastructure that fosters on-chain rewards and decentralization.

The firm’s shares (KWM) are trading at $4.48, having increased by 133.33% in one day.

UK public gold mining company Bluebird Mining Ventures has also decided to adopt a Bitcoin strategy. The firm plans to convert future earnings from its projects into the leading cryptocurrency.

Bluebird Mining Ventures owns three major precious metal mining projects located in South Korea and the Philippines, with estimated total gold reserves of around 1.8 million ounces.

The company’s stock (BMV) is priced at $0.59 on the London Stock Exchange (+58.51% in one day).

According to BiTBO, 73 companies hold 3.6% of the total Bitcoin supply.

It’s worth noting that on June 3, former Binance CEO Changpeng Zhao warned about the risks associated with the widespread creation of corporate reserves based on the first cryptocurrency.

Experts Saifedean Ammous, Max Keiser, and Matt Hougan urged corporate investors to reassess their Bitcoin strategies.

Investor and billionaire Tim Draper, on the other hand, believes that companies that have not included the first cryptocurrency in their treasury reserves are acting “irresponsibly.”