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

Accelerate, a new Solana treasury initiative led by Joe McCann—the founder of Asymmetric Financial—has announced plans to raise $1.51 billion to acquire approximately 7.32 million SOL tokens, positioning itself as the largest private Solana treasury outside the Solana Foundation [1]. The funding structure combines $800 million through a Private Investment in Public Equity (PIPE), $358.8 million from a SPAC merger with Gores Holdings X, $250 million in convertible bonds, and $103.2 million via SPAC warrants. Post-expenses, the firm expects to allocate $1.36 billion toward SOL purchases at current market prices [1]. The initiative’s stated objectives include enhancing on-chain liquidity, stabilizing the SOL market, influencing governance, and supporting protocol development.

McCann’s move comes amid scrutiny of his previous fund, Asymmetric Financial, which reportedly lost 78% to 80% of its value year to date [1]. While some analysts speculate that Accelerate may serve as a vehicle to recover from those losses, McCann has emphasized that the project’s planning began months ago, unrelated to Asymmetric’s struggles. The timing of the announcement coincides with broader institutional interest in Solana, exemplified by BIT Mining’s $200–$300 million fund to build an SOL treasury and validator nodes [1].

The market reaction to Accelerate’s plan has been mixed. While Solana’s token price has risen 6% in the past week and 30% over 30 days, it recently retreated from a peak of $200 to $186 [1]. Institutional investors are also active in the space: DeFi Development Corporation (DFDV) has expanded its holdings to 846,000 SOL ($133 million) after acquiring 153,000 SOL in February [1]. Meanwhile, Bullish and the Solana Foundation are collaborating on on-chain financial infrastructure, including stablecoin projects.

Accelerate’s approach reflects growing confidence in Solana’s technical advantages, particularly its high transaction throughput and low fees, which differentiate it from competing blockchains. However, the fund’s success hinges on navigating risks such as liquidity constraints and market volatility. Key personnel in the Accelerate team will face six-month lockups for their shares, while PIPE investors gain immediate liquidity upon SEC registration [1]. This structure mirrors trends in crypto treasury funds, which blend traditional finance mechanisms with blockchain exposure.

The initiative’s competitive landscape includes entities like DFDV and Sol Strategies (HODL), but Accelerate’s $1.51 billion raise—nearly four times the $381 million held by current leader Upexi—positions it as a dominant player [1]. McCann’s track record in financial engineering and Asymmetric’s market presence could further solidify this position, though the outcome will depend on Solana’s price trajectory and investor appetite for structured products.

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