Emre Yumlu 
A planned SPAC deal led by Joe McCann to take a Solana-focused treasury company public has been cancelled, according to three sources familiar with the matter. The move comes amid backlash following the poor performance of McCann’s hedge fund Asymmetric, which is reportedly down nearly 80% since the start of the year.
Why the Solana Treasury SPAC Deal Fell Through
The exact reason for the deal’s collapse has not been officially disclosed. However, sources note that the digital asset treasury (DAT) company may now explore alternative options. The news broke just two weeks after a limited partner in Asymmetric revealed on social media that the fund had suffered almost an 80% decline this year.
Options Offered to Investors
Following this disclosure, McCann announced that Asymmetric’s investors had been given the option to fully exit the fund or roll their capital into a “specific illiquid investment,” which is believed to have been the now-cancelled Solana DAT initiative.
The Accelerate Plan and SPAC Process
The treasury company was presented to investors under the name Accelerate, with ambitions to raise up to $1.5 billion, according to initial reports from Unchained. The plan involved going public through a SPAC merger with Gores Holdings X, a blank-check company. Investor materials indicated McCann would serve as co-founder and CEO, while Komal Sethi, a board member at CoinList, would act as co-founder and chief strategy officer.
This development highlights the ongoing challenges faced by digital asset companies attempting to go public via SPACs, especially in a volatile market environment.
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