Development Corp. Withdrawn its planned offer of $ 1 billion after the American securities commission and the exchange judged that the company was unacceptable to deposit in S-3 form.
The company confirmed the withdrawal in a letter of June 11 at the SEC, citing the absence of a report of internal controls required in its last deposit of 10 k. The company listed at the NASDAQ had filed the S-3 registration in April in order to collect funds for general use, including the purchase of additional Solana token (soil).
The plan has echoed the Bitcoin Strategy (BTC) of the strategy (BTC), with the Defi development aimed at becoming a public market vehicle for the exhibition in Solana. Although no tirer has been issued or sold under the now successful registration, the SEC decision is a major regulatory setback for the cryptographic strategy focused on the company’s treasure.
The rejection of the SEC highlights continuous challenges for companies that try to navigate the rules of American titles while creating business cryptography reserves.
Despite the withdrawal, the Defi development indicated that it intended to refresh a resale recording to a later date, once the compliance problems are resolved. The company noted that withdrawal was “in accordance with the public interest and the protection of investors”.
DEFI Développement has already invested considerably in Solana, with reported assets of more than 600,000 soil, valued at more than $ 100 million. In May, he also became the first company listed on the stock exchange to adopt liquid token on Solana, converting part of his assets to DFDVSOL through the Sanctum cleansing infrastructure. This decision aimed to allow the company to keep liquidity while gaining ship rewards.
Earlier this month, Defi Development announced a strategic partnership with Amber International to extend access to Solana markets and build cash focused products. The company has also been registered on the Frankfurt Stock Exchange and now negotiates options on CBOE and NASDAQ, increasing its visibility among institutional investors.
Initially focused on real estate financing, the company was renamed in April after a new team, including former Kraken leaders, took over with a crypto-premier strategy centered on Solana.
Although its $ 1 billion shelf offer is pending for the moment, Defi Développement seems to be building a public -oriented solara model. His next steps will probably depend on how he will respond to the concerns of the dry and the question of whether the regulators are warm to similar strategies involving altcoins.
