As Bitcoin and Ethereum treasury companies proliferate, Solana is also attracting significant interest. As major companies announce reserves for Solana, negative news for Solana (SOL) has emerged.
Joe McAnn's $1.5 billion Solana treasury plan has been canceled following backlash stemming from the poor performance of his fund, Blockworks reported.
Citing three sources familiar with the matter, the report stated that Joe McCann-led Solana Digital Asset Treasury has halted plans to go public through a SPAC.
The situation regarding the digital asset treasury company is still unclear, a source said, adding that the company may try to find a different path.
Solana had planned to raise up to $1.5 billion in capital for his treasury.
Solana, which has gained 2.3 percent in the last 24 hours, continues to trade at $176 at the time of writing.
*This is not investment advice.
