Joe McCann's Fund Shuts After 78% Loss, Eyes $1B Solana Venture
Key Takeaways
- Asymmetric’s Liquid Alpha Fund is closing down after a 78% year-to-date loss. Limited partners (LPs) are offered options to exit or reinvest.
- Despite the fund's losses, Joe McCann is pursuing a $1 billion raise for a new Solana treasury company.
Joe McCann, founder of Asymmetric, has announced the closure of the firm’s Liquid Alpha Fund following a significant 78% year-to-date decline.
This decision follows criticism and frustration among investors. A report from AggrNews highlighted McCann’s intention to secure $1 billion for a Solana-focused treasury venture, even as the fund experienced substantial losses.
In a statement shared on X, McCann acknowledged that the fund’s strategy, designed for high volatility, no longer effectively served investors. He emphasized the need for Asymmetric to adapt with a disciplined approach.
McCann stated that Asymmetric is prioritizing future opportunities, offering limited partners the choice to redeem their capital, irrespective of lock-up periods, or reinvest into a new, less liquid investment vehicle.
“Since inception, every valid redemption request from Asymmetric’s liquid funds has been honored,” McCann noted. He clarified that the firm manages multiple investment vehicles, with some strategies performing more successfully. “Our venture strategy remains unchanged and unwavering in its commitment to source and support the future of blockchain.”
McCann did not elaborate further but stressed the importance of resilience. He admitted that sharing disappointing results is challenging, but emphasized that moving forward is the only viable option.
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