Unchained Archives - Coin Engineer

Joe McCann’s Solana Treasury SPAC Deal Called Off!

Emre Yumlu — Fri, 08 Aug 2025 14:00:41 +0000

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.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Joe McCann’s Solana Treasury SPAC Deal Called Off! appeared first on Coin Engineer.

University of Austin and Unchained Launch Bitcoin-Based Endowment Fund

Tanju Akbıyık — Fri, 31 May 2024 09:00:54 +0000

Together, the University of Austin and Bitcoin financial services company Unchained have created a long-term endowment fund containing Bitcoin.

Innovative Endowment Fund Initiative

Unchained, a crypto services and custody business based in Austin, Texas, announced on May 31 that it has partnered with the University of Austin (UATX).

With the aim of accumulating $5 million, the two are starting the first long-term endowment fund housed in Bitcoin, which will be kept invested in BTC for at least five years.

This project seeks to investigate alternative financial methods and include Bitcoin in postgraduate education.

“By including bitcoin in its endowment, UATX is setting a precedent for other academic institutions to explore alternative and maybe more resilient financial models,” the statement said.

Starting the fund with a personal contribution of 2 BTC, valued at around $137,000 at current rates, Joseph Kelly, CEO of Unchained,

Kelly wrote in a May 31 post on X, “The world needs more great founders, and we are excited to bring together our communities to build something new.”

Additionally, offering a joint custody vault to safely retain the endowment funds will be unchained.

This Might Interest You: Vitalik Buterin Donates 30 ETH to Tornado Cash Legal Defense Fund

Through events, guest lectures, and discussions aimed at informing the public about the advantages of Bitcoin and its ability to transform finance and education, the project intends to promote community involvement via cooperative marketing initiatives.

Emphasizing sound money ideas, opposition to censorship, and questioning the established quo, this project matches the basic goals of both Unchained and UATX.

Money or other financial assets contributed to academic institutions make up university endowments, which also serve as self-sustaining sources of support by purposefully not distributing the whole fund balance.

UATX is not the only American university investing in cryptocurrency; other institutions also participate. According to reports in March, BlackRock’s spot Bitcoin ETF has raised the Blyth Fund’s portfolio exposure to 7% BTC.

Ivy League schools, including Harvard, Yale, and Massachusetts Institute of Technology (MIT), have also experimented with crypto investments as early as 2018.

The post University of Austin and Unchained Launch Bitcoin-Based Endowment Fund appeared first on Coin Engineer.