Joe McCann-led Solana treasury vehicle SPAC deal is off: Sources
The firm reportedly planned to raise up to $1.5 billion
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A proposed deal to take a Joe McCann-led Solana treasury company public via a SPAC has been called off, according to three sources with knowledge of the matter.
The situation regarding the digital asset treasury company is still fluid, said one source, who noted the DAT may try to find a different path forward.
The reason behind the current deal’s demise was not immediately made clear. The news comes two weeks after a limited partner in Asymmetric, which is McCann’s hedge fund, posted on X that the fund is down nearly 80% on the year.
Read more: Why the appetite for DATs isn’t waning yet
Following last month’s post, McCann announced on X that Asymmetric LPs had been given the choice to exit or “roll over available capital into a specific illiquid investment,” presumably referring to the Solana DAT.
Read more: The practice and theory of DAT SPACs
McCann did not immediately respond to a request for comment.
The DAT was set to be called Accelerate, according to an investor pitch deck viewed by Blockworks. The firm had ambitions to raise up to $1.5 billion, according to Unchained, which first reported on the deal. Accelerate planned to go public via a SPAC with Gores Holdings X, which is a blank check company, Unchained added.
According to the pitch deck, McCann was set to serve as Accelerate’s co-founder and CEO. Komal Sethi, who the deck says is a board member at CoinList, would also be a co-founder and chief strategy officer. Sethi did not immediately respond to a LinkedIn message asking for comment.
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