DeFi Development Corp, once focused on real estate financing, is now a Solana treasury company, holding over 609,000 SOL tokens as part of its new strategy.
After the US Securities and Exchange Commission rejected its S-3 filing, DeFi Development Corp. suffered a modest setback in raising $1 billion to purchase additional Solana.
In a statement to the SEC on Wednesday, the Nasdaq-listed company stated that it wished to revoke its prior registration statement because the commission determined that it was ineligible to file a Form S-3 due to its failure to include a management report on internal control over financial reporting by the deadline.
An increasing number of businesses have started purchasing cryptocurrency, particularly Bitcoin (BTC $107,699); according to Bitbo data, corporate Bitcoin treasuries contain more than three million Bitcoin, valued at over $342 billion.
The Solana purchase plan is still alive.
According to DeFi Development Corp, the “public interest and the protection of investors” align with the withdrawal of the registration statement.
Defi Development Corp said it would submit a reseller registration statement to raise funds despite the minor impediment.
On April 25, DeFi Development Corp submitted a Form S-3 registration statement to the SEC, stating that it will use the money for general business needs, such as additional purchases of Solana SOL $159.12 tokens.
At the time, it stated that it might think about using the net revenues from this transaction to purchase further Solana. However, it was also cautioned that Solana might turn the tokens into cash at a lower value if its price changes.
The company also declared its acceptance of Solana liquid staking tokens and the transfer of a portion of its Solana assets to the liquid staking token dfdvSOL in a release dated May 28.
Defi Development Corp boards the train to Solana.
DeFi Development Corp, formerly known as Janover, was primarily a real estate finance company that connected lenders and buyers of commercial real estate using an online platform driven by artificial intelligence. Since then, it has also changed its name to Solana Treasury Company. On April 8, it made its first acquisition of 2,858 Sol.
On May 15, the corporation made its eleventh acquisition of 16,447 Solana at an average price of $139.66, bringing its total stock to 609,190 Sol, which is currently valued at nearly $97 million.
On April 7, a group of former executives from the Kraken exchange acquired more than 728,000 shares of DeFi Development Corp. Former Kraken chief strategy officer Joseph Onorati has now been named chairman and CEO.
