DeFi Development Rebounds: $1B Solana Plan Resubmitted After SEC Hiccup

Solana''s billion-dollar DeFi ambitions just hit a regulatory speed bump—but they''re not backing down.

SEC throws a wrench in the works

The decentralized finance project slammed into an unexpected SEC filing issue, forcing a temporary retreat. Now they''re reloading paperwork for what could become one of crypto''s biggest institutional plays.

Solana''s ecosystem keeps building through the noise

While regulators play paperwork ping-pong, developers keep shipping code. The chain''s TVL keeps climbing even as traditional finance gatekeepers scramble to keep up.

Will the SEC''s red tape slow Solana''s ascent? Don''t bet on it—Wall Street''s bureaucracy moves at geological speeds compared to blockchain time.

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.

DeFi Development Corp filed the Form S-3 registration statement with the SEC on April 25 to use the funds for general corporate purposes, including more Solana (SOL $159.64) token acquisitions.

It said at the time it may consider buying more Solana with the net proceeds from this purchase. However, it also warned that fluctuations in Solana’s price could lead to it converting the tokens into cash at a lower value.

In a May 28 announcement, the firm also announced its adoption of Solana liquid staking tokens and diverted part of its Solana holdings to the liquid staking token dfdvSOL.

DeFi Development Corp jumps on the Solana train

DeFi Development Corp was a real estate financing company that used an AI-powered online platform connecting lenders and commercial property buyers. It has since shifted to be a Solana Treasury Company, with its first purchase of 2,858 SOL on April 8.

DeFi Development Corp holds over 609,190 Sol in its treasury. Source: DeFi Development Corp

The company made its 11th purchase of 16,447 Solana at an average price of $139.66 on May 15, increasing its stash to 609,190 Sol, worth over $97 million at current prices.

A team of former Kraken exchange executives bought 728,632 shares of DeFi Development Corp common stock on April 7. Joseph Onorati, former chief strategy officer at Kraken, has since been appointed chairman and CEO.