{"id":47687,"date":"2025-08-08T17:00:41","date_gmt":"2025-08-08T14:00:41","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=47687"},"modified":"2025-08-08T16:42:34","modified_gmt":"2025-08-08T13:42:34","slug":"joe-mccanns-solana-treasury-spac-deal-called-off","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/joe-mccanns-solana-treasury-spac-deal-called-off\/","title":{"rendered":"Joe McCann\u2019s Solana Treasury SPAC Deal Called Off!"},"content":{"rendered":"<p data-start=\"57\" data-end=\"386\">A planned SPAC deal led by <strong data-start=\"84\" data-end=\"98\">Joe McCann<\/strong> to take a <a href=\"https:\/\/coinengineer.net\/blog\/critical-period-for-solana\/\"><strong>Solana<\/strong><\/a>-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\u2019s hedge fund <strong data-start=\"304\" data-end=\"318\">Asymmetric<\/strong>, which is reportedly down nearly 80% since the start of the year.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/joe-mccanns-solana-treasury-spac-deal-called-off\/#Why_the_Solana_Treasury_SPAC_Deal_Fell_Through\" title=\"Why the Solana Treasury SPAC Deal Fell Through\">Why the Solana Treasury SPAC Deal Fell Through<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/joe-mccanns-solana-treasury-spac-deal-called-off\/#Options_Offered_to_Investors\" title=\"Options Offered to Investors\">Options Offered to Investors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/joe-mccanns-solana-treasury-spac-deal-called-off\/#The_Accelerate_Plan_and_SPAC_Process\" title=\"The Accelerate Plan and SPAC Process\">The Accelerate Plan and SPAC Process<\/a><\/li><\/ul><\/nav><\/div>\n<h3 data-start=\"388\" data-end=\"440\"><span class=\"ez-toc-section\" id=\"Why_the_Solana_Treasury_SPAC_Deal_Fell_Through\"><\/span>Why the Solana Treasury SPAC Deal Fell Through<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"441\" data-end=\"776\">The exact reason for the deal\u2019s 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.<\/p>\n<h3 data-start=\"778\" data-end=\"812\"><span class=\"ez-toc-section\" id=\"Options_Offered_to_Investors\"><\/span>Options Offered to Investors<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"813\" data-end=\"1072\">Following this disclosure, McCann announced that Asymmetric\u2019s investors had been given the option to fully exit the fund or roll their capital into a \u201cspecific illiquid investment,\u201d which is believed to have been the now-cancelled <strong data-start=\"1044\" data-end=\"1058\">Solana DAT<\/strong> initiative.<\/p>\n<h3 data-start=\"1074\" data-end=\"1116\"><span class=\"ez-toc-section\" id=\"The_Accelerate_Plan_and_SPAC_Process\"><\/span>The Accelerate Plan and SPAC Process<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"1117\" data-end=\"1555\">The treasury company was presented to investors under the name <strong data-start=\"1180\" data-end=\"1194\">Accelerate<\/strong>, 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.<\/p>\n<p data-start=\"1557\" data-end=\"1726\" data-is-last-node=\"\" data-is-only-node=\"\">This development highlights the ongoing challenges faced by <strong data-start=\"1617\" data-end=\"1634\">digital asset<\/strong> companies attempting to go public via SPACs, especially in a volatile market environment.<\/p>\n<p data-start=\"1557\" data-end=\"1726\" data-is-last-node=\"\" data-is-only-node=\"\"><i>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our<strong>\u00a0<\/strong><\/i><strong><a href=\"https:\/\/t.me\/coinengineernews\"><i>Telegram,\u00a0<\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i>YouTube<\/i><\/a><\/strong><i><strong>,<\/strong> and\u00a0<\/i><strong><a href=\"https:\/\/twitter.com\/coinengineers\"><i>Twitter<\/i><\/a><\/strong><i><strong>\u00a0<\/strong>channels for the latest\u00a0<\/i><strong><a href=\"https:\/\/coinengineer.net\/blog\/news\/\"><i>news<\/i><\/a><\/strong><i><strong>\u00a0<\/strong>and updates.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s hedge fund Asymmetric, which is reportedly down nearly 80% since the start of the year. Why the Solana<\/p>\n","protected":false},"author":29,"featured_media":36536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[22168,22167,22165,22169,1242,22166,22170,22164,1527,319,14734,6523],"class_list":["post-47687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-1-5-billion-dollar","tag-accelerate","tag-asymmetric","tag-blank-check","tag-coinlist","tag-dat","tag-gores-holdings","tag-joe-mccann","tag-sol","tag-solana","tag-spac","tag-unchained"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Joe McCann\u2019s Solana Treasury SPAC Deal Called Off! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"A planned SPAC deal led by Joe McCann to take a Solana-focused treasury company public has been cancelled. 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