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

Key Points

1. Accelerate plans to raise $1.51 billion through various funding sources including $800 million via PIPE, $358.8 million from a SPAC merger, $250 million in convertible bonds, and $103.2 million through SPAC warrants.

2. The acquisition would make Accelerate the largest private Solana treasury, potentially improving on-chain liquidity and stabilizing the SOL market.

3. Joe McCann's previous fund, Asymmetric Financial, reportedly lost between 78% to 80% of its value year to date, raising concerns about the new venture.

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

5. Solana's recent price performance has been volatile, dropping from over $200 to about $186, a roughly 6% decline, amid institutional interest in SOL treasuries.