DeFi Development Corp to Resubmit $1B Solana Purchase Plan Following SEC Protest

DeFi Development Corp has encountered a small regulatory setback in its ambitious attempt to raise $1 billion for Solana purchases, after the U.S. Securities and Exchange Commission (SEC) refused its original Form S-3 filing.

The Nasdaq-traded company revealed in a filing with the SEC on Wednesday that it will pull back its initial registration statement. Why? The SEC found it ineligible to submit the Form S-3 because it did not include a mandatory management report of internal control over financial reporting before the deadline.

This mistake in the filing puts the plan on hold temporarily but doesn't kill it.

Solana Strategy Still in Play

Despite the setback, DeFi Development Corp stressed that the withdrawal conforms to the "public interest and investor protection." The company continues to pursue raising funds and assured that it intends to file a resale registration statement in the foreseeable future.

The initial filing on April 25 described plans to apply the capital towards general business purposes, such as buying additional Solana SOLUSD tokens. The company warned that volatility in the price of Solana (SOL) might lead to losses if the assets are eventually exchanged for cash at a depressed valuation.

Solana Liquid Staking and Accumulation Strategy

May 28, DeFi Development Corp announced the integration of Solana liquid staking tokens into its strategy. A part of its SOL holdings was converted to dfdvSOL, its native liquid staking token, in an attempt to optimize yield opportunities within the Solana DeFi ecosystem. The firm has continued to add more holdings since making its initial Solana purchase of 2,858 SOL on April 8. Through May 15, it had made 11 purchases, the most recent being 16,447 SOL at an average price of $139.66, bringing its total to 609,190 Solana tokens—worth more than $97 million.

From Real Estate Tech to Solana Treasury Firm

Formerly known as Janover, DeFi Development Corp, a real estate finance platform driven by AI, has transformed dramatically into a treasury firm focused on Solana.

The pivot accelerated after a group of former Kraken exchange executives bought more than 728,000 shares in the firm on April 7. With this change in leadership, the company has been led by Joseph Onorati, former Kraken Chief Strategy Officer, who took over as Chairman and CEO, guiding the firm towards the crypto-native path it is pursuing today.

With corporate interest in digital assets soaring—Bitcoin treasuries alone now hold over 3 million BTC, worth upwards of $342 billion, per Bitbo data—DeFi Development Corp’s Solana-centric push aligns with the broader institutional trend toward on-chain asset accumulation.

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