'Nasdaq-listed' DeFi Development Corp Continues Solana Purchases..."Plans to Raise Additional $1 Billion"

Nasdaq-listed DeFi Development Corp faced a setback in its plan to raise an additional $1 billion for further Solana (SOL) purchases due to intervention by the US Securities and Exchange Commission (SEC).

According to Cointelegraph on the 12th (local time), DeFi Development Corp, formerly a real estate finance company, currently owns approximately 609,000 Solana tokens and is seeking to transition into a dedicated Solana investment management firm.

The SEC rejected the company's S-3 registration statement, citing the omission of mandatory documents such as management reports on the internal accounting control system. In response, DeFi Development Corp voluntarily withdrew the registration statement and announced its intention to reapply after meeting the SEC's requirements.

On April 8, the company began with the purchase of 2,858 Solana tokens, engaging in both real estate finance and Solana investments. On May 15, it acquired an additional 16,447 tokens, bringing its total holdings to 609,190 Solana. As of June prices, this is worth more than $97 million.