Crypto hedge fund founder Joe McCann has recently been revealed to be the CEO of the Solana reserve company, Accelerate, with a fundraising scale of up to 1.5 billion dollars. However, it has recently been discovered that McCann's liquidity fund, Asymmetric, has lost over 10 million dollars in half a year, with a performance of -80%, raising significant doubts within the community about his ability and integrity.
Accelerate plans to raise 1.5 billion dollars, becoming the largest SOL reserve company
According to Unchained reports, Joe McCann will serve as the CEO of the newly established SOL reserve company, Accelerate. According to the exclusive investment presentation and financial model obtained by the report, Accelerate is expected to go public through SPAC (Special Purpose Acquisition Company) Gores X Holding and raise up to 1.51 billion dollars.
The fundraising structure includes:
PIPE (Private Investment): 800 million dollars
SPAC trust funds: 358.8 million dollars
Convertible bonds: 250 million dollars
Warrants: 103.2 million dollars
If fully invested in buying SOL, it is expected to be able to purchase about 7.32 million SOL at market price, far exceeding the current holdings of Upexi (UPXI) at 1.9 million and DeFi Development Corporation (DFDV) at 1.14 million, making it the largest Solana reserve company in the world.
(DFDV holds nearly one million Solana, and after transforming into a SOL reserve strategy company, its stock price has risen over 27 times)
PIPE investors without lock-up = Another scheme to pump and dump?
Accelerate's fundraising method has also attracted significant external attention. According to the presentation, although the company executives' shares will have a 6-month lock-up period, PIPE investors can immediately trade their shares after SEC registration. This model has previously appeared in the crypto company Upexi, which experienced a substantial stock price adjustment due to PIPE unlocks.
Additionally, this method allows early investors to acquire low-priced shares by investing in cryptocurrency or cash, and then sell them after market speculation in the 'reserve company' has taken place, has been seen increasingly in recent times. Given the generally optimistic market sentiment, it can easily lead retail investors to FOMO and recklessly chase high prices, posing significant risks.
(I put in the coins, you put in the money, U.S. stock investors take the bait: Unveiling the hidden risks behind the hype of crypto reserve companies)
Insiders reveal that Accelerate has raised most of its funds, and the entire transaction is expected to be completed by the end of 2025.
The storm is not over: McCann's fund lost over 10 million dollars in half a year
However, the timing of this fundraising announcement does not seem ideal, as McCann recently faced dissatisfaction from partners due to the shocking losses of its liquidity fund, Asymmetric. The Solana community KOL BigbrainSOL publicly disclosed that the assets in the fund dropped from 12.89 million to 2.78 million, with a paper loss of nearly 78.37%, exceeding 10 million dollars.
I’m never investing into a liquid crypto fund again.
How the fuck am I down 10M through the first half of the year. pic.twitter.com/lKlzlWe7fL
— S◎L Big Brain (@SOLBigBrain) July 22, 2025
McCann subsequently posted acknowledging that his Liquid Alpha Fund performed poorly this year and did not meet investor expectations, and announced that he would terminate all liquidity trading strategies, shifting to illiquid investments, such as venture capital:
The performance of our other funds is still quite good, this is not the end, but the beginning of a strategic transformation.
To regain trust, he also stated that he would allow investors to redeem funds early without lock-up restrictions or choose to shift capital into other strategies.
Transformation or Avoidance: Can the Market Still Trust McCann?
McCann did not clarify the fund's losses immediately and boldly entered the SOL reserve company, which inevitably raised community speculation about his motives, questioning whether he sees Accelerate as a 'stepping stone' to rescue Asymmetric and attempt to restore his reputation.
However, some early investors have defended it, pointing out that Accelerate's preparations took several months and began well before the fund launched.
Nevertheless, in a time where the crypto market is increasingly focused on integrity and transparency, whether McCann can convince investors that this is a transformation rather than a shirking of responsibility will be key to Accelerate's success or failure.
This article on hedge fund losses of millions, founder Joe McCann taking the helm of the world's largest SOL reserve company first appeared in Chain News ABMedia.
