Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
Closing the Old Fund to Make Room for a Bigger Play?
As Asymmetric's Liquid Alpha Fund was forced to hit the "close" button due to strategy failure and low market volatility, Joe McCann is waiting for his "rebirth".
According to Unchained, McCann will serve as CEO of a new Solana Treasury company planning to raise $1.5 billion. If the fundraising is successful, the company will become the largest Solana Treasury company in the market.
The Final Chapter of Liquid Alpha Fund
Joe McCann has a composite background spanning Wall Street and Silicon Valley, with over 24 years of professional experience, having previously founded the Node.js enterprise service platform NodeSource. Currently, his primary venture is the crypto asset management company Asymmetric.
The Liquid Alpha Fund was considered Asymmetric's "flagship product", focusing on volatility arbitrage, using fundamental analysis, event-driven, and macroeconomic strategies. In high-volatility market environments, the fund had won multiple performance awards from BarclayHedge.
However, by 2025, the fund's strategy began to fail.
On July 22, prominent Solana supporter @BigbrainSOL posted on X platform saying he would "never invest in liquidity crypto funds" again, revealing losses of $10 million and a 78% portfolio reduction in the first half of the year.
The market generally speculated that this referred to Asymmetric's Liquid Alpha Fund, with some even joking: "James Wynn is actually Joe McCann's replacement."
As public opinion continued to heat up, on July 24, Asymmetric founder Joe McCann responded on social platforms, stating that the Liquid Alpha Fund performed poorly this year and the strategy could no longer create value for LPs, announcing the fund would completely exit liquidity trading strategies.
Closing the Liquid Alpha Fund might be a strategic "self-amputation". But almost simultaneously, Joe McCann was revealed to be set to become CEO of a new Solana Treasury strategy company called Accelerate.
Joe McCann's New Play: Aiming for the Largest Solana Treasury Company
Accelerate plans to go public through a SPAC merger with the shell company Gores X Holding. According to investor presentation materials and financial models obtained by Unchained, this fundraising round is as high as $1.51 billion, including:
- $800 million in PIPE (Private Investment in Public Equity);
- $358.8 million in SPAC trust funds;
- $250 million in convertible bonds;
- $103.2 million in SPAC warrant financing.
Image source: Unchained
If this fundraising is successful, Accelerate will surpass Upexi, which currently holds nearly 1.9 million SOL, becoming the largest SOL Treasury strategy company. At the current price of $186 per SOL, Accelerate plans to use $1.36 billion to purchase approximately 7.32 million SOL after deducting related fees and costs.
Notably, Accelerate's core management team shares will be locked for six months, but PIPE investors can immediately trade their shares once registered with the SEC. Previously, multiple PIPE-model companies, including Upexi, experienced significant stock price drops after the lock-up period.
Currently, it's unclear how much Accelerate has actually raised, but according to informed investors, "a considerable amount has been raised". The transaction is expected to be completed by the end of 2025.
The "Coin Stock" Track: A New Battlefield for Crypto VCs
The fall of Liquid Alpha and the emergence of Accelerate seem more like a rupture and reconstruction in a cycle shift.
This year, the crypto VC industry is under pressure. According to a RootData report, as of June 5, the death rate of VC-supported projects exceeded 20.8%, with the highest reaching 61%. GBV Capital, Spark Digital Capital, HTX Ventures, and LD Capital all had project death rates exceeding 30%. In April, the well-known investment institution ABCDE also announced a pause on new project investments.
The "coin stock" track has become a new arena for capital competition, with multiple investment institutions making waves in the crypto reserve listing company trend:
- Pantera: Invested in Twenty One Capital, DeFi Development Corp, SharpLink Gaming, BitMine, StablecoinX, etc.;
- Galaxy Digital: Involved in SharpLink, BitMine, GameSquare, GameStop, AMC, Bit Digital, TLGY Acquisition Corp, ReserveOne, etc.;
- ParaFi Capital: Invested in SharpLink Gaming, ProCap Financial, MEI Pharma, etc.
In comparison, Joe McCann's bet on the Solana Treasury strategy company Accelerate seems to be a move in line with the current trend.
Closing the old fund, Joe McCann turns to the most heated narrative track of the moment. In this new round of crypto capital race, can Accelerate ignite market enthusiasm? And can Joe McCann turn the tables this time?
Recommended Reading:
Twelve Years Undefeated: Pantera Capital's Bold Move in the Coin Stock Frenzy
RootData: Over 20.8% of VC-Supported Projects Die, with Highest Reaching 61%
