On August 8, sources said that the Solana financial tool SPAC transaction led by Joe McCann has been canceled. The reason for the transaction's failure has not been immediately disclosed. Two weeks ago, a limited partner of McCann's hedge fund Asymmetric posted on X that the fund has dropped nearly 80% this year.
On July 24, Joe McCann, founder and CEO of crypto hedge fund Asymmetric Financial, was set to become the CEO of a new Solana treasury company called Accelerate, which planned to raise up to $1.51 billion, including $800 million through PIPE, $358.8 million through SPAC, $250 million through convertible bonds, and $103.2 million through SPAC warrants. If this financing were successful, Accelerate would immediately start establishing a new Solana treasury and potentially become the largest SOL treasury management company in the market.
