Crypto investor Joe McCann has shut down Asymmetric Financial’s Liquid Alpha Fund after it suffered a brutal 78% loss year-to-date, sparking intense criticism from investors.
The fund, once focused on high-volatility trading strategies, has seen its value plunge nearly 70% this year alone.
The closure comes shortly after McCann announced plans for a $1 billion Solana treasury initiative — a move that has also drawn scrutiny given the timing and recent performance.
Responding to the backlash, McCann said the firm is shifting away from liquid trading models and offering investors full redemptions or the option to transfer funds into an illiquid investment vehicle. He also pushed back against what he described as false claims circulating online, asserting that all valid withdrawal requests have been honored.
McCann emphasized that Asymmetric’s other divisions, particularly its venture capital operations, remain unaffected. Despite the setback, he framed the current moment as an opportunity to double down on supporting crypto innovation, even as market conditions test investor patience.
