Source: Joe McCann-led Solana Treasury Company has called off SPAC deal

BlockBeats News, August 8th, sources said that the Solana financial tool SPAC deal led by Joe McCann has been canceled. The reason for the failed transaction has not been immediately disclosed. Two weeks ago, a limited partner at McCann's hedge fund Asymmetric posted on X that the fund has dropped nearly 80% year-to-date.

On July 24th, it was reported that Joe McCann, the founder and CEO of the crypto hedge fund Asymmetric Financial, will become the CEO of a new Solana treasury company called Accelerate. The company plans to raise up to $1.51 billion, intending to raise $800 million through a PIPE, $358.8 million through a SPAC, $250 million through convertible bonds, and sell $103.2 million in SPAC subscription rights. If this fundraising is successful, Accelerate will immediately begin to establish a new Solana treasury or become the largest SOL treasury management company in the market.