The SEC rejected DeFi Development’s proposal to issue $1 billion in securities to purchase Solana due to missing documentation. The company has withdrawn its Form S-3 and plans to refile later. Despite the setback, DeFi Development has already invested millions in SOL and raised $42 million by April. The firm is expanding into Solana staking and partnering with various companies. However, its ambition to become “Solana’s MicroStrategy” is currently stalled due to regulatory hurdles. Without SEC approval, the company cannot accumulate SOL at the scale it originally planned.

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https://www.sec.gov/Archives/edgar/data/1805526/000121390025053425/ea024543901-rw_defidevelop.htm