Joe McCann shuts down fund after 78% loss while pursuing $1B Solana raise

Key Takeaways

• Asymmetric’s Liquid Alpha Fund is closing after falling 78% year-to-date, with LPs given the choice to exit or reinvest
• Joe McCann is seeking to raise $1 billion for a new Solana treasury company despite the fund’s steep losses.

Joe McCann, founder of Asymmetric, announced the closure of the firm’s Liquid Alpha Fund after it fell 78% year-to-date.

The move follows mounting criticism and investor frustration, as a report from AggrNews revealed McCann’s plans to raise $1 billion for a Solana-focused treasury company despite the fund’s steep losses.

In a public statement posted on X, McCann said the fund’s high-volatility strategy had ceased to serve investors and acknowledged that Asymmetric must adapt with discipline.

He stated that Asymmetric’s priority is to focus on future opportunities, adding that limited partners have the option to redeem their capital regardless of lock-up periods or roll it into a new illiquid investment.

“Since inception, every valid redemption request from Asymmetric’s liquid funds has been honored,” McCann stated, adding that the broader firm operates multiple vehicles, and other strategies have performed better. “Our venture strategy remains unchanged and unwavering in its commitment to source and support the future of blockchain.”

McCann did not provide further comment but emphasized the importance of resilience, stating that while sharing disappointing results is never easy, moving forward remains the only path ahead.