Solana News Today: Joe McCann Launches $1.51B Solana Treasury Fund Amid 78% Loss at Previous Fund

Joe McCann, founder and CEO of crypto hedge fund Asymmetric Financial, is set to lead a new Solana (SOL) treasury venture named Accelerate, aiming to raise up to $1.51 billion through a combination of private investment in public equity (PIPE), a SPAC merger with Gores X Holding, convertible debt, and warrants. The firm’s capital structure includes $800 million from PIPEs, $358.8 million from the SPAC, $250 million in convertible debt, and $103.2 million from SPAC warrants. Post-raise, approximately $1.36 billion would be allocated to purchasing SOL tokens, potentially acquiring 7.32 million tokens at the current price of $186.31 [1]. Accelerate’s goal is to surpass existing Solana treasury firms in scale, directly influencing on-chain liquidity and protocol development [1].

The venture’s structure introduces both opportunities and risks. While the investor presentation highlights potential gains for participants investing near a net asset value of 1, it also acknowledges liquidity risks. Shares sold via PIPEs could face rapid price reversals once publicly tradable, a pattern observed in previous Solana treasury companies like Upexi. Key personnel shares in Accelerate will be locked for six months, but PIPE investors may gain immediate liquidity upon SEC registration, potentially amplifying volatility for retail investors [1].

McCann’s move comes amid scrutiny following the collapse of his prior venture. Asymmetric’s liquid fund, which he co-founded, reportedly lost 78-80% of its value year to date, prompting its closure and offering investors the option to redeem funds or roll over capital into illiquid strategies. Critics have speculated that Accelerate could serve as an “escape hatch” for McCann’s ailing fund, but an anonymous investor in the deal argues the venture has been in development for months. “This fundraising has been happening for months behind the scenes,” the investor emphasized, highlighting strategic intent over reactive decisions [1].

The broader crypto market has surged $600 billion year to date, with Bitcoin reaching an all-time high above $123,000. However, Solana’s ecosystem faces competitive pressures from established treasury firms like DeFi Development Corporation (DFDV) and Sol Strategies (HODL), which are also expanding their holdings. Accelerate’s success will depend on McCann’s ability to rebuild trust following Asymmetric’s liquid fund collapse and navigate a crowded market landscape [1].

As of late July 2025, the timing and scale of Accelerate’s fundraising remain partially undisclosed, with estimates suggesting a “substantial amount” has already been secured. A potential public listing is projected for late 2025. The outcome of this effort will hinge on market conditions, regulatory clarity, and McCann’s capacity to execute the venture’s ambitious capital strategy without repeating past missteps [1].

Source:

[1] [“Solana Treasury Company Led By Joe McCann Targets $1.5 Billion Raise”](https://unchainedcrypto.com/new-solana-treasury-company-raising-1-5-billion-to-be-led-by-joe-mccann/)

[2] [“Joe McCann shuts down fund after 78% loss while seeking $1B for new Solana treasury firm”](https://cryptobriefing.com/asymmetric-liquid-fund-closes-after-major-losses/)

[3] [“Joe McCann Closes Asymmetric Liquid Fund After ‘Shifting’ to Solana Treasury Focus”](https://www.coindesk.com/markets/2025/07/23/joe-mccann-closes-asymmetric-liquid-fund-after-78-loss-and-solana-treasury-backlash)