DeFi Development Corp, a Nasdaq-listed company, is preparing to refile its plan to raise $1 billion for Solana purchases after encountering a regulatory obstacle with the U.S. Securities and Exchange Commission. The SEC declined the company’s recent S-3 filing due to a missing management report on internal financial controls, which was not submitted by the required deadline.

In a letter to the SEC on Wednesday, DeFi Development Corp formally requested to withdraw the previous registration statement. The company stated that the decision aligns with the public interest and prioritizes the protection of investors.

Despite the setback, the Solana treasury strategy is still in motion. DeFi Development Corp has announced it will submit a revised resale registration statement in the near future, reaffirming its commitment to acquiring more Solana tokens.

Originally focused on real estate financing through an AI-driven platform connecting lenders with commercial property buyers, DeFi Development Corp has rebranded its mission. The company is now also operating as a Solana treasury business. It made its first Solana purchase of 2,858 tokens on April 8 and currently holds more than 609,000 SOL, valued at over $97 million based on current prices.

On May 15, the company completed its 11th Solana purchase, acquiring an additional 16,447 tokens at an average price of $139.66 each. In May, the firm also adopted Solana liquid staking and redirected a portion of its holdings into the staking token dfdvSOL.

DeFi Development’s crypto pivot follows a change in leadership. A team of former Kraken executives took control after acquiring over 728,000 shares in early April. Joseph Onorati, Kraken’s former chief strategy officer, now leads the company as chairman and CEO.

The firm had initially filed the S-3 registration with the SEC on April 25, outlining its intention to use the capital for general corporate purposes, including expanding its Solana holdings. While it acknowledged potential price fluctuations, it also stated that any decline in Solana’s value could lead to a lower cash return if tokens had to be sold.

DeFi Development Corp’s long-term plan to build a crypto treasury remains active, and the firm is positioning itself as a growing player in the blockchain space.

For more updates on digital finance and crypto investments, follow You Finance on Instagram.