The SEC has rejected the attempt to develop Development to offer $ 1 billion in titles to buy Solana, due to the missing paperwork. The company has filed a file to withdraw its S-3 form, with the intention of refreshing in the future.
Nevertheless, Defi Development has invested millions in soil in the past two months, but it will not be able to build a massive stock without more liquidity.
Dry stifles solana’s plans
In recent months, an increasing number of companies have followed traces of microstrategy, investing massively in Bitcoin to obtain long -term gains.
Some companies have taken the alternative route and have chosen to build reserve assets with altcoins – notably Ethereum, Solana and XRP.
Today, the SEC has rejected the attempted Defi Development to collect funds for Solana’s purchases, quoting paperwork errors:
“The company respects this request for withdrawal from the registration declaration, as well as all exhibitions.
Defi Development has been working on this plan since April, depositing with the SEC to sell $ 1 billion in securities for Solana’s purchases. If it turned out to succeed, he would become the largest holder of the company’s soil by a substantial margin.
However, his first effort did not contain a compulsory report of internal controls, which made the company withdraw this request.
In other words, the SEC has prohibited the development of DEFI by funding these Solana purchases. To be clear, however, the company has already committed millions to resolve the investment.
Like Microstrategy, the company needs substantial liquidity based on equity sales to finance its pivot at Web3, but it raised $ 42 million for soil purchases by April.
Since then, the development of DEFI has been particularly interested in Sol Sassage and has teamed up with several companies to enter this market.
The company will not be able to accumulate a stock of solid solana as long as the dry gives it the green light. The company began this process in April and, as it seems, the Commission has deliberated on the proposal for almost two months.
In other words, the company’s vision of becoming a “Solana microstrategy” may have reached a slowdown. Bitcoin’s price is heated, but Solana’s has cooled in recent days.
However, it can still gain momentum, thanks to the ETF media threw. For the moment, Defi Development is at a dead end and cannot yet become a real Solana whale.
Non-liability clause
In membership of the Trust project guidelines, Beincrypto has embarked on transparent impartial reports. This press article aims to provide precise and timely information. However, readers are invited to check the facts independently and consult a professional before making decisions according to this content. Please note that our terms and conditions, our privacy policy and our non-responsibility clauses have been updated.
