Accelerate's $1.5 billion "Solana Treasury" ambitions collapse amid 80% loss storm

Accelerate's plan to raise $1.5 billion to build the Solana Treasury ($SOL ) - led by Joe McCann, CEO of Asymmetric Financial - has been officially canceled, according to Blockworks. Accelerate planned to go public through a SPAC merger with Gores Holdings X, aiming to become the public organization holding the most SOL in the market.

The capital plan includes: $800 million from PIPE, $358.8 million from SPAC, $250 million in corporate bonds and $103.2 million in SPAC notes. If successful, Accelerate will surpass large organizations such as Upexi or SOL Strategies.

However, concerns about selling pressure when unlocking PIPE shares and McCann's personal situation caused the deal to fall apart. The trigger was an investor in Asymmetric who publicly disclosed to X that the fund had lost nearly 80% of its 2025 funding, or $10 million in the first half of the year alone – despite a strong crypto market.

McCann then announced that investors would be allowed to withdraw their funds or move them to illiquid investments, which many believed to be the Solana treasury project itself. This news effectively dashed plans to list #accelerate and raise billions of dollars.