Joe McCann, founder and CEO of crypto hedge fund Asymmetric Financial, is poised to become CEO of Accelerate, a newly announced Solana-focused treasury company targeting a $1.51 billion capital raise.
According to investor presentation materials obtained by Unchained, Accelerate plans to go public through a SPAC merger with Gores X Holding. This ambitious fundraising effort, if successful, would make Accelerate the largest treasury company in the Solana ecosystem by a wide margin.
Joe McCann of Asymmetric Financial, whose liquid fund is reportedly down 80% year to date, has been fundraising as CEO for a Solana treasury company aiming to raise $1.5 billion.@steven_ehrlich reportshttps://t.co/22BLO85ZdA
— Unchained (@Unchained_pod) July 23, 2025
Accelerate aims to secure $800 million via a private investment in public equity (PIPE), $358.8 million from the SPAC, $250 million through convertible debt, and $103.2 million from SPAC warrants. After fees and expenses, $1.36 billion of the raised capital would be deployed to acquire Solana tokens, representing approximately 7.32 million SOL at the current price of around $186.
The timing of this venture is notable, as McCann faces scrutiny following reports that Asymmetric’s liquid fund has declined 80% this year despite overall market gains and Bitcoin reaching a record high above $123,000. However, sources close to the deal indicated that Accelerate’s fundraising has been planned for months, suggesting it is not an escape route for McCann’s struggling fund.
Accelerate’s setup includes key legal and financial experts such as Chief Strategy Officer Komal Sethi, emphasizing the importance of sophisticated financial engineering and compliance amidst public market complexities. PIPE investors will have immediate liquidity after the SEC registration of their shares. In contrast, insiders’ shares will be locked for six months, raising concerns about potential share price volatility once the private shares become tradable.
The creation of Accelerate fits into a broader trend of institutional crypto treasury programs that strategically bolster blockchain assets on the balance sheets of public companies. These programs aim to monetize volatility and generate yield.
Meanwhile, Mercurity Fintech Holding Inc. has announced it secured a substantial equity credit line of $200 million from Solana Ventures, marking a decisive step in advancing institutional blockchain treasury management centred on Solana.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
