Joe McCann's $1.5 billion Solana treasury SPAC has been cancelled following a significant downturn in his Asymmetric fund, which has plummeted nearly 80% year-to-date. The cancellation marks a setback for McCann, who had aimed to leverage the SPAC to capitalize on Solana's growth potential. The sharp decline in the fund's performance has raised concerns about the viability of such large-scale crypto investments in volatile markets.