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.
SPAC Deal Was Called Off
In August 2025, the proposed SPAC transaction was called off. The sources said the situation remained fluid and that Accelerate could potentially pursue another route to launch the treasury business. The reason for the cancellation was not publicly disclosed.
The development came roughly two weeks after reports surfaced concerning the performance of McCann’s Asymmetric Financial. One limited partner had publicly claimed that Asymmetric’s liquid fund was down nearly 80% for the year. McCann subsequently said investors had been given the option either to exit the fund or roll available capital into a specific illiquid investment.
The timing generated questions about whether the performance of the hedge fund had affected investor confidence in the proposed Accelerate transaction.
Size of the new fund drew attention
McCann’s new venture had already attracted significant attention because of the size of the proposed raise and the timing of its launch. An investor involved in the transaction, however, told Unchained that the fundraising had been in development for months and was not simply a response to Asymmetric’s performance.
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.
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.
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