SEC Rejects DeFi Firm’s $1 Billion Bid to Become ‘Solana’s MicroStrategy’

The SEC rejected DeFi Development’s attempt to offer $1 billion in securities to buy Solana, on account of missing paperwork. The firm has filed to withdraw its Form S-3, intending to refile in the future. Nonetheless, DeFi Development has invested millions into SOL over the last two months, but it won’t be able to build a massive stockpile without more liquidity. SEC Stifles Solana Plans Over the last few months, a growing number of companies have been following in MicroStrategy’s footsteps, investing heavily in Bitcoin to secure long-term gains source: https://beincrypto.com/sec-blocks-solana-microstrategy-defi-development/