- DeFi Development withdraws Form S-3 registration after rejection due to a missing report.
- Company plans to refile a resale registration statement to continue the $1B SOL purchase goal.
- Firm currently holds 609,190 SOL worth over $97 million after 11 separate purchases.
DeFi Development Corp. has withdrawn its Form S-3 registration statement from the Securities and Exchange Commission because of regulatory rejection. This resulted in a short-term suspension of the company’s plan to raise $1 billion in an effort to acquire more Solana tokens.
The SEC decided that the Nasdaq-listed company was not qualified to file the Form S-3 for the omission of a mandated report of management’s internal control over financial reporting before the designated time. The company requested withdrawal on June 11, 2025, and asserted that the action is in line with “public interest and the protection of investors” under Securities Act rules. Chief Financial Officer Fei Han executed the withdrawal documents, including the original registration statement filed on April 25.
DeFi Development Corp. To File a New Resale Statement
Despite regulatory denial, DeFi Development Corp. confirmed plans to file a new resale registration statement in the future to continue pursuing its capital-raising objectives.
The first filing warned investors that volatility in the price of Solana could result in the redemption of tokens at lower prices and acknowledged the risk inherent in investing in cryptocurrencies. This disclosure serves as a testament to the regulatory scrutiny that firms will face when integrating digital assets into their treasury management processes.
DeFi Development Corp. has evolved from its previous identity as Janover, a real estate financing company that operated an AI-powered platform connecting lenders with commercial property buyers. The transformation accelerated after former Kraken exchange executives acquired control by purchasing over 728,000 shares on April 7.
DeFi Development Began With 2,858 SOL Purchase
The company’s cryptocurrency strategy began with an initial purchase of 2,858 SOL on April 8. The company has since then made 11 standalone purchase agreements, the most recent of which occurred on May 15 when it purchased 16,447 Solana.
The company has now amassed one of the largest institutional Solana holdings among publicly traded firms, with a total of approximately 609,190 SOL, valued at over $97 million at current market rates. This accumulation positions DeFi Development Corp. as a strategic proxy for institutions seeking exposure to the Solana ecosystem.
Related: Solana’s Meme Coin Boom: Here’s What’s Pumping in June
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