DeFi Development Corp Withdraws Form S-3 for $1 Billion Raise

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 for balance sheets, especially Bitcoin (BTC), with corporate Bitcoin treasuries collectively holding over three million Bitcoin, worth over $342 billion, according to Bitbo data.

Solana purchase plan not dead

DeFi Development Corp said the withdrawal of the registration statement is consistent with the “public interest and the protection of investors.” 

Despite the minor setback, DeFi Development Corp said it would file a resale registration statement in the future to raise the capital.