The Defi Development Corp ran into a minor uprising in its search to raise $ 1 billion to buy more Solana after the US Securities and Exchange Commission knocked on the S-3 filing.
The firm listed in Nasdaq Says In a statement to the SEC on Wednesday, it sought to revoke the previous registration statement because the commission found that it was not advisable to submit a form S-3 after failing to include a report of internal financial control management control prior to the due date.
A growing number of companies gets crypto for balance sheets, especially Bitcoin (Btc), along with corporate Bitcoin Treasury collectively holds more than three million Bitcoin, worth more than $ 342 billion, According to In the Bitbo Data.
Solana’s purchase plan is not dead
The Defi Development Corp said the removal of the registration statement is in accordance with the “public interest and protection of investors.”
Despite the minor setback, the Defi Development Corp said it would file a future registration in the future to raise capital.
Defi Development Corp Filed S-3 registration statement SEC included on April 25 to use funds for general corporate goals, including more Solana (Sol) Getting token.
It said at the time it could be considered to buy more Solana in the net proceeds from this purchase. However, it also warned that the change in Solana’s price could lead to converting cash tokens to lower cost.
Related: Solana companies move on staking, treasury and compliance
On one May 28 announcementThe company also announced its adoption to Solana Liquid staking tokens and diverted portion of its sobacies in the liquid staking token DFDVSOL.
Defi Development Corp jumps on Solana train
Defi Development Corp is a real estate financing company It used an AI-powered online platform that connects lenders and commercial ownership consumers. It has since moved to become a Treasury company of Solana, with its first buy of 2,858 SOL on April 8.
The company made the 11 -year -old purchase of 16,447 Solana at an average price of $ 139.66 on May 15, increase Its stash at 609,190 sol, worth it Over $ 97 million in current prices.
A team of the former Kraken Exchange Executive bought 728,632 shares of Defi Development Corp Common Stock on April 7.
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