Solana Financial Tool SPAC Deal Canceled Amid Hedge Fund Losses

According to BlockBeats, the Solana financial tool SPAC deal led by Joe McCann has been canceled. The reasons for the cancellation have not been disclosed. Two weeks ago, a limited partner from McCann's hedge fund, Asymmetric, posted on X that the fund has declined nearly 80% this year. On July 24, Joe McCann, founder and CEO of the crypto hedge fund Asymmetric Financial, was announced as the CEO of a new Solana treasury company named Accelerate. The company aimed to raise up to $1.51 billion, with plans to secure $800 million through PIPE, $358.8 million via SPAC, $250 million through convertible bonds, and $103.2 million from SPAC warrants. If successful, Accelerate intended to establish a new Solana treasury, potentially becoming the largest SOL treasury management company in the market.