A proposed SPAC deal to take a Joe McCann-led Solana treasury company public has been canceled, according to three informed sources. The digital asset treasury firm, referred to as Accelerate, aimed to raise up to $1.5 billion and was planning to merge with Gores Holdings X. The reasons for the deal's cancellation remain unclear, but the news follows reports that a limited partner in McCann's hedge fund, Asymmetric, revealed a nearly 80% loss for the year. After this, McCann offered Asymmetric LPs the option to exit or invest their capital into a specific illiquid asset related to the Solana DAT. McCann was slated to be Accelerate's co-founder and CEO, with Komal Sethi as co-founder and chief strategy officer. The situation surrounding the digital asset treasury company is reportedly still evolving, with one source indicating that they may seek alternative solutions.

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