The U.S. Securities and Exchange Commission (SEC) has blocked DeFi Development Corp’s proposed $1 billion Solana token acquisition, citing deficiencies in required internal control disclosures. This regulatory rejection forced the company to withdraw its registration statement for the capital raise.
Despite this setback, DeFi Development Corp secured a $24 million private investment in public equity (PIPE) financing. This capital infusion will support continued expansion of the company’s Solana treasury, signaling sustained investor confidence in its strategic direction.
The firm has fundamentally transformed its business model, pivoting from real estate financing to become a dedicated Solana Treasury Company. To date, it has accumulated over 609,000 SOL tokens worth approximately $97 million.
New leadership featuring former Kraken executives is steering the company’s crypto-focused strategy. This shift aligns with growing institutional interest in digital assets and blockchain-based treasury management.
DeFi Development Corp plans to refile a resale registration statement to resume capital-raising activities. The company aims to further grow its Solana portfolio while navigating ongoing regulatory requirements and market volatility.