Howdy!

It’s a beautiful Friday in the North Korea of retail financial markets. 

Today, we’ve got some thoughts on the Joe McCann DAT SPAC news, Pump.fun’s Glass Full Foundation, and pre-IPO stocks on Jupiter:

Joe McCann’s Solana DAT is no more: Sources

This morning, I reported that a proposed deal to take a Joe McCann-led Solana treasury company public via a SPAC has been called off, citing three sources with knowledge of the matter.

The situation regarding the digital asset treasury company is still fluid, one source told me, noting the DAT may try to find a different path forward.

I was unable to determine why exactly the SPAC deal died, but it doesn’t feel like a coincidence that the news came two weeks after a limited partner in Asymmetric, which is McCann’s hedge fund, posted on X that the fund is down nearly 80% on the year. Shortly after, McCann said he’d informed the fund’s limited partners that Asymmetric would be shifting away from liquid trading.

The hedge fund’s demise made shockwaves online. Many (fairly) wondered how the crypto-focused firm was down so much in the past two quarters when simply holding bitcoin would have netted a roughly 14% gain in the first half of 2025. McCann has publicly championed some memecoin projects that have performed poorly, but to my mind, it seems unlikely that Asymmetric pulled a full port on MOTHER. 

Either way, McCann announced on X that Asymmetric LPs had been given the choice to exit or “roll over available capital into a specific illiquid investment,” presumably referring to the Solana DAT. Now, it seems, that won’t be an option.

The DAT was set to be called Accelerate, according to an investor pitch deck viewed by Blockworks. The firm had ambitions to raise up to $1.5 billion, according to Unchained, which first reported on the deal. Accelerate planned to go public via a SPAC with Gores Holdings X, which is a blank check company, Unchained added.

According to the pitch deck, McCann was set to serve as Accelerate’s co-founder and CEO. Komal Sethi, who the deck says is a board member at CoinList, would have served as co-founder and chief strategy officer. 

McCann did not return a request for comment. Sethi did not respond to a LinkedIn message asking for comment.

My story this morning set off a round of schadenfreude for some Ethereum fans online, but Solana fans are likely none too happy. One source told me McCann was expected to perform a Michael Saylor-like role at Accelerate by hyping up Solana on Wall Street. The project’s pitch deck listed a number of notable Solana ecosystem names as part of an advisory board that may have been bought into the mission as well.

But as ETH crosses $4,000 — partly on the back of a couple successful DATs — Solana is still largely waiting for its breakout hit in the sector.

— Jack Kubinec

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Institutional DeFi has crossed the chasm from dream to reality and Ethena is leading the charge. $USDe has seen a $3.1B inflow over the last 3 weeks, outpacing all Bitcoin ETFs combined.

Guy Young joins the DAS: London lineup this Oct 13-15 to break down the value proposition of institutional DeFi.

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📅 October 13-15 | London

Pump is now funneling revenues into its own ecosystem's memecoins like TOKABU, HOUSE and INCEL.

The memecoin launchpad yesterday unveiled the Glass Full Foundation, a new strategic initiative to “inject significant liquidity” into select tokens launched on its platform. The team did not disclose which tokens would be selected, only that deployments have already “begun with several projects.” Pump’s founder, Alon, on the other hand, has been strongly alluding to selected communities in tweets.

Onchain analysts quickly flagged several tokens being accumulated by Pump-affiliated wallets. The Dune chart above indicates that roughly $1.7b of revenue has been deployed across about 10 memecoins, with the largest reported positions at $416k in TOKABU, $401k in HOUSE and $199k in USDUC.

— Donovan Choy

Formerly known as prePO on Base, PreStocks rebranded in June. And as of yesterday, has launched its tokenized pre-IPO stock trading platform on Solana with Jupiter integration.

The product offers users the ability to trade pre-IPO stocks 24/7, including SpaceX, OpenAI, Anthropic, Discord, Epic Games and more. SPACEX has seen the highest trading volumes of $475k in the last 24 hours.

It’s simple enough to understand, but the underlying mechanics that enable this trade are not. What you’re really trading is a token tracking the valuation of private companies, which depends on the tokens being pegged to their fair market value by arbitrageurs. 

The tokens are in turn backed by SPV holding companies invested in the underlying company. Third-party attestation reports are planned to go live next week, PreStocks founder Xavier Ekkel told me. 

According to its FAQ, PreStocks tokens “give you the right to request redemptions for USDC” but they do not “confer any ownership, voting, dividend, information or other legal rights.” For now, PreStocks is still officially unavailable in major jurisdictions including the US, Canada, China, India, etc.

— Donovan Choy

A message from Shin, Researcher at Elfa AI: