In a very Rick Astley fashion, the DeFi Development Company, unironically known as DeFi Development, has declared that it will never give up on raising $1 billion specifically for the purchase of Solana. This comes after the Securities and Exchange Commission (SEC) stopped the company dead in its tracks by blocking its registration filing.
DeFi Development Corp initially filed the Form S-3 registration statement with the SEC on April 25th. The intent was to use the funds for “General Corporate Purposes,” including more Solana (SOL) token acquisitions.
It may sound like a harsh judgment from the almighty SEC to block the filing, but in fairness to the regulatory body and all the good people who work there, there is a reason for it. According to the SEC’s website, the filing of Form 10-K submitted by DeFi Development was found ineligible for registration due to a missing required internal controls report.
After the error was revealed, the company withdrew the filing in what seemed like a setback in its plans. The plan was to raise $1 billion to buy more Solana. DeFi Development had started buying Solana to become a Solana treasury company. It already holds more than 609,000 SOL tokens, but it wants more.
The firm has, however, said that it would be continuing its DeFi Development plans by refiling a sale registration statement in the future. At the moment, the company believes that the withdrawal of the registration is consistent with “public interest and the protection of investors.”
Why So Serious About Solana?
Making Solana its focus may seem strange to many people. Why Solana when there’s Bitcoin, Ethereum, and all the other Crypto big players? Many companies have gone the Bitcoin way, with current corporate Bitcoin treasuries collectively around $342 billion, according to data from Bitbo.
For reasons known only to DeFi Development Corp, the corporation has decided to go with Solana instead. It made its first purchase of 2,858 SOL on the 8th of April. By the 15th of May, it had made its 11th Solana purchase of 16,447, which increased its total SOL holdings to 609,190 SOL. That is worth more than $97 million at current prices. Even more surprising about DeFi Development’s particular interest in Solana is its history. The company was once a real estate financing company that used an AI-powered online platform to connect lenders with buyers of commercial property. At that time, it operated under the name Janover. Janover’s crossover into crypto is just as mysterious as its interest in Solana.
Whether it’s one of the best crypto strategies out there or the company is just winging it remains to be seen. But one thing is clear: DeFi Development is all-in when it comes to Solana. According to the company, the SEC filing is just a hiccup. Very soon, it’ll be back on track to becoming the ultimate Solana treasury.
Alex Shepel
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