DeFi Development Corp. has withdrawn its planned $1 billion securities offering following a rejection of its Form S-3 filing by the U.S. Securities and Exchange Commission (SEC).
The SEC deemed the company ineligible to use the Form S-3 registration statement due to deficiencies identified in its annual 10-K filing, specifically citing missing internal controls reports.
The offering was intended to fund an expansion of the company’s holdings of Solana (SOL) tokens, reflecting a growing trend among public companies seeking direct exposure to cryptocurrency assets.
DeFi Development Corp. currently holds a significant treasury position exceeding 600,000 SOL tokens, valued at over $100 million. The company has also partnered with Amber International to develop yield-generating treasury products.
The SEC’s rejection underscores the persistent regulatory hurdles faced by firms attempting to integrate cryptocurrency assets into corporate treasury strategies under existing U.S. securities laws.
DeFi Development Corp. stated it plans to address the compliance issues identified by the SEC and refile the offering, signaling its continued commitment to its Solana-focused treasury strategy.