Joe McCann’s Accelerate Announces $1.51 Billion Solana Treasury Fund

• Funding sources include $800 million via Private Investment in Public Equity (PIPE), $358.8 million from the SPAC merger with Gores Holdings X, $250 million in convertible bonds, and $103.2 million through SPAC warrants
• Main goals of this initiative are to improve on-chain liquidity, stabilize the SOL market, influence governance, and strengthen protocol development
• Asymmetric Financial (McCann’s previous fund) reportedly lost around 78% to 80% of its value year to date

Accelerate, a new Solana treasury initiative whose CEO is Joe McCann (also CEO and founder of Asymmetric), seeks $1.51 billion to acquire 7.32 million SOL tokens.

Funding sources include $800 million via Private Investment in Public Equity (PIPE), $358.8 million from the SPAC merger with Gores Holdings X, $250 million in convertible bonds, and $103.2 million through SPAC warrants.

This acquisition would make Accelerate the largest private Solana treasury outside the Solana Foundation. The main goals of this initiative are to improve on-chain liquidity, stabilize the SOL market, influence governance, and help strengthen protocol development.

The large boost in funding could signal that big investors have growing faith in Solana’s architecture, particularly its capacity for high transaction throughput and minimal fees. These aspects make it increasingly appealing when compared to other blockchain networks.

New venture shadowed by a struggling prior fund

However, McCann’s track record isn’t flawless. His previous fund, Asymmetric Financial, reportedly lost between 78% to 80% of its value year to date. Some speculate this is the reason why Accelerate was formed in the first place, as a way out for McCann’s struggling fund.

Other Solana-focused treasuries like DeFi Development Corporation (DFDV) and Sol Strategies (HODL) are also forming strategies, but so far, Accelerate’s scale positions it at the top.

Solana’s recent solid performance

Solana has been doing rather well recently, though the price has dropped from over $200 yesterday to about $186 today. Still, even that is roughly a 6% boost in the last seven days, and almost a 30% boost in the last 30 days.

As such, there’s been a lot of institutional development when it comes to Solana. For instance, it was announced this month that BIT Mining (BTCM) is raising between $200 and $300 million to build an SOL treasury and run validator nodes. Perhaps unsurprisingly, its stock doubled following the announcement.

Similarly, a few weeks ago, DFDV acquired 153k SOL (approximately $23.7 million) and now holds 846k SOL (around $133 million). Also, Bullish and the Solana Foundation are collaborating to build on-chain financial infrastructure centered on native stablecoins.

Still, the top news at the moment is Accelerate’s acquisition of a large volume of SOL tokens, which may notably transform Solana’s core financial structure.