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An analytical solution of the Mott transition is obtained for the Hubbardmodel on the Bethe lattice in the large coordination number ($z$) limit. Theexcitonic binding of doublons (doubly occupied sites) and holons (empty sites)is shown to be the origin of a continuous Mott transition between a metal andan emergent quantum spin liquid insulator. The doublon-holon binding theoryenables a different large-$z$ limit and a different phase structure than thedynamical meanfield theory by allowing intersite spinon correlations to liftthe $2^N$-fold degeneracy of the local moments in the insulating phase. We showthat the spinons are coupled to doublons/holons by a dissipative compact U(1)gauge field that is in the deconfined phase, stabilizing the spin-chargeseparated gapless spin liquid Mott insulator.

Doublon-holon binding as origin of Mott transition and fractionalized  spin liquid -- Asymptotic solution of the Hubbard model in the limit of large  coordination