DeFi Development Corp, previously a real estate financing company, is switching focus to become a Solana treasury company, currently holding over 609,000 tokens. The company faced a setback in its efforts to raise $1 billion to acquire more Solana due to the US Securities and Exchange Commission's rejection of its S-3 filing. The SEC found the company ineligible to submit the registration as it failed to include a required management report on internal controls. Despite this, DeFi Development plans to file a resale registration statement in the future. The company initially sought funds for general corporate purposes, including further Solana acquisitions. It also reported diversifying its Solana holdings into a liquid staking token, dfdvSOL. The firm has made multiple purchases, with its latest being 16,447 Solana tokens at an average price of $139.66, bringing its total holdings to over $97 million at current prices.

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