Catenaa, Friday, June 20, 2025-DeFi Development Corp plans to refile its $1 billion Solana acquisition plan after the U.S. Securities and Exchange Commission rejected its initial S-3 filing due to compliance issues, the company said Wednesday.
The Nasdaq-listed firm, formerly a real estate financing company, had sought to raise capital through a registration filed on April 25.
However, the SEC deemed the filing ineligible, citing the absence of a required management report on internal controls over financial reporting. DeFi Development subsequently withdrew the filing, stating the move aligns with investor protection and public interest.
Despite the withdrawal, the company reaffirmed its intent to pursue the capital raise, indicating plans to submit a new resale registration in the future.
Proceeds from the proposed offering would primarily fund additional purchases of Solana, with the company warning that price volatility may require it to liquidate holdings at a discount.
Since pivoting to a Solana treasury model, DeFi Development has amassed over 609,000 SOL tokens, valued at approximately $97 million.
The transition began with an initial acquisition of 2,858 SOL on April 8 and was accelerated by a leadership change in early April, when a group led by former Kraken executive Joseph Onorati took over the firm.
In May, the company also began adopting Solana liquid staking tokens, converting part of its holdings to dfdvSOL to enhance capital efficiency.
The firm’s broader strategy follows the rising trend of corporate crypto treasuries, now holding over $342 billion in Bitcoin alone, according to Bitbo.
