Solana is facing challenges as plans for a $1.5 billion general-purpose treasury have been canceled amid negative feedback regarding their fund.
Cancellation of Company Plans
The plan to create the Solana Digital Asset Treasury worth $1.5 billion has been canceled. This decision comes after negative feedback regarding the performance of the fund led by Joe McCann.
Reasons and Implications
According to Blockworks, three sources familiar with the matter confirmed that the company's plans to go public via a SPAC have been halted. The future direction for the company remains unclear, with speculation about possible alternative paths.
Current Status of Solana
Despite the cancellation of plans, Solana has shown a 2.3 percent increase over the past 24 hours and is trading at $176 at the time of writing.
The cancellation of Solana's treasury plans highlights the risks facing digital assets. The unpredictable market response can significantly impact the company's future.
