DeFi Development Corp has encountered a minor setback in its plan to raise $1 billion to purchase more Solana, as the U.S. Securities and Exchange Commission (SEC) rejected its S-3 filing application.
The Nasdaq-listed company stated in a filing submitted to the SEC on Wednesday that it was ineligible to submit the S-3 form because the commission found that it failed to submit a management report on internal financial controls by the deadline, and the company wishes to withdraw its previous registration statement.
According to Bitbo, an increasing number of companies are beginning to hold cryptocurrencies on their balance sheets, particularly Bitcoin (BTC), with corporate Bitcoin treasuries holding over 3 million Bitcoins, valued at over $342 billion.
DeFi Development Corp stated that withdrawing the registration statement is in the "public interest and investor protection."
Despite the minor setback, DeFi Development Corp indicated that it will submit a resale registration statement in the future to raise funds.
DeFi Development Corp submitted its S-3 registration statement to the SEC on April 25, planning to use the funds for general corporate purposes, including acquiring more Solana (SOL) tokens.
At that time, the company stated that it might consider using the net proceeds from this purchase to buy more Solana. However, it also warned that fluctuations in Solana's price could lead to its tokens being converted into cash of lower value.
In a May 28 announcement, the company also revealed that it adopted Solana liquid staking tokens and converted part of its Solana holdings into liquid staking tokens, dfSOL.
DeFi Development Corp was originally a real estate financing company that used an AI-driven online platform to connect lenders and commercial real estate buyers. The company has since transformed into a Solana treasury company and made its first purchase of 2,858 SOL on April 8.
On May 15, the company made its eleventh purchase at an average price of $139.66, acquiring 16,447 Solana, bringing its total holdings to 609,190 SOL, valued at over $97 million at current prices.
A team composed of former executives from Kraken purchased 728,632 shares of common stock in DeFi Development Corp on April 7. Former Kraken Chief Strategy Officer Joseph Onorati has been appointed as Chairman and CEO.
Related: Nasdaq-listed Interactive Strength partners with Fetch.ai to launch $500 million AI token reserve
Original article: “DeFi Development Corp faces setback due to SEC filing issues, will resubmit $1 billion Solana treasury plan”
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