New Solana Treasury Company Accelerate Plans to Raise $1.5 Billion, Joe McCann to Become CEO

PANews reported on July 24 that according to Unchained, Joe McCann, founder of crypto hedge fund Asymmetric, will serve as CEO of the newly established Solana treasury company Accelerate. The company plans to go public through a SPAC merger and intends to raise $1.5 billion in funds, of which $800 million will come from PIPE financing and $358.8 million will come from SPAC shell companies. If the fundraising is successful, Accelerate is expected to become the largest SOL treasury company with 7.32 million SOL (currently worth about $1.36 billion). Informed investors revealed that Accelerate's fundraising plan has been in preparation for several months, and the transaction is expected to be completed by the end of 2025.