DeFi Development to refile $1B Solana plan after SEC filing snag

Formerly only a real estate financing company, DeFi Development Corp started buying Solana to become a Solana treasury company as well, currently holding over 609,000 tokens.

DeFi Development Corp has run into a minor setback on its quest to raise $1 billion to buy more Solana after the US Securities and Exchange Commission knocked back its S-3 filing. 

The Nasdaq-listed firm said in a statement to the SEC on Wednesday that it seeks to withdraw its previous registration statement because the commission found it wasn’t eligible to submit a Form S-3 after failing to include a management report on internal control over financial reporting before the due date.

A growing number of companies have been acquiring crypto, especially Bitcoin (BTC), with corporate Bitcoin treasuries collectively holding over three million Bitcoin, worth over $342 billion, according to Bitbo data.

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