Solana, the digital asset treasury company led by Joe McCann, who also served as co-founder and CEO, has terminated its planned IPO via a SPAC merger with Gores Holdings X, a deal that was expected to raise up to $1.5 billion.

Sources familiar with the matter revealed that the specific reason for the termination of the transaction has not been made public, and the company may explore other avenues for listing in the future. Previous reports indicate that McCann's hedge fund, Asymmetric, has lost nearly 80% this year, and that the newly established Solana treasury platform, Accelerate, had planned to raise $1.5 billion and appoint McCann as CEO. (Blockworks)