Solana News Today: Accelerate raises $1.51B to buy 7.32M SOL becomes largest Solana treasury

Accelerate, a new Solana treasury initiative led by Joe McCann—formerly of Asymmetric Financial—has announced plans to raise $1.51 billion to acquire 7.32 million SOL tokens, positioning itself as the largest private Solana treasury outside the Solana Foundation. Funding will come from $800 million via a private investment in public equity (PIPE), $358.8 million from the SPAC merger with Gores Holdings X, $250 million in convertible bonds, and $103.2 million through SPAC warrants. After expenses, $1.36 billion will be allocated to purchasing SOL at approximately $186.31 per token [2]. The initiative aims to enhance on-chain liquidity, stabilize the SOL market, influence governance, and strengthen protocol development.

The move underscores growing institutional confidence in Solana’s network, particularly its high transaction throughput and low fees, which position it competitively against other blockchains. This aligns with broader trends, including BIT Mining’s recent $200–300 million fundraising for an SOL treasury and validator node operations, as well as DeFi Development Corporation’s (DFDV) acquisition of 153,000 SOL ($23.7 million) earlier this year. However, Accelerate’s scale dwarfs these efforts, with its $1.51 billion target eclipsing the $381 million in SOL held by Upexi (UPXI), a current major treasury player [1].

McCann’s prior fund, Asymmetric Financial, has faced challenges, with its liquid fund reportedly losing 78–80% of its value year to date. An anonymous investor involved in the Accelerate deal emphasized that the fundraising has been “in the works for quite some time,” countering speculation that it is a strategic exit for McCann’s struggling fund. The investor noted that planning occurred “behind the scenes for months,” suggesting the initiative is part of a longer-term strategy rather than a reactive move [1].

The structure of Accelerate includes a six-month lock-up for key personnel shares but immediate liquidity for PIPE investors once SEC-registered—a design that could influence market dynamics. Previous treasury firms, such as Upexi, have experienced price volatility after similar liquidity events, raising concerns about potential risks for retail investors [1]. McCann has also announced the retirement of Asymmetric’s liquid fund, offering investors the choice to exit or reinvest into illiquid strategies. A spokesperson for McCann declined to comment on the matter [1].

Solana’s price has shown resilience despite recent volatility, dropping from over $200 to $186 but still recording a 6% gain in seven days and a 30% rise in 30 days. The network’s institutional adoption is accelerating, with collaborations like Bullish and the Solana Foundation working on on-chain financial infrastructure. However, regulatory uncertainties around SPACs and crypto treasury strategies remain, alongside market volatility, as key challenges for Accelerate’s execution [2].

Source:

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

[2] [Joe McCann’s Accelerate Announces $1.51 Billion Solana Treasury Fund](https://coinedition.com/joe-mccann-accelerate-to-raise-1-5b-to-buy-solana-sol/)

[3] [Accelerate Unveils $1.51 Billion Fund to Build Largest Solana Treasury](https://financefeeds.com/accelerate-unveils-1-51-billion-fund-to-build-largest-solana-treasury/)