Across protocol weighs token–to–equity shift in bid for legal clarity and institutional capital​

Across Protocol is considering a C‑Corp pivot that lets $ACX holders swap tokens for equity in AcrossCo or $USDC, testing whether token-era DAOs migrate to traditional cap tables.

Cross-chain bridge Across Protocol is exploring a radical restructuring that would let $ACX token holders swap their tokens for equity in a new U.S. C‑Corp, AcrossCo, or redeem for stablecoins, marking one of the clearest tests yet of how DeFi projects adapt to regulatory and institutional pressure. The team has launched a “temperature check” proposal to gauge community appetite before moving to a formal on‑chain vote.​

Under the plan, AcrossCo would become the core operating company for the protocol, while $ACX holders gain two main options over a six‑month window: exchange $ACX 1:1 for equity in AcrossCo, or cash out by redeeming $ACX for $USDC at the token’s average market price over a month. Larger holders would be able to convert directly into equity, whereas smaller holders would route through a free special purpose entity to pool and manage their stake. The structure is designed to satisfy regulatory requirements around cap tables and accredited investors while still preserving an on‑ramp for the long tail of tokenholders.​

Co‑founder Hart Lambur said that if feedback is supportive, the team will initiate a formal governance vote two weeks after the temperature check ends, with a simple majority deciding the outcome. Across has framed the move as a response to the practical limits of the current DAO structure, pointing to issues around enforceable contracts, counterparty risk, and the absence of a clear legal wrapper as institutional demand for bridging and liquidity infrastructure grows. In other words, the protocol wants to look and behave more like a traditional software company to the outside world, even if parts of the stack remain decentralized under the hood.

Capital backing is already in place. Across has raised a total of 51 million dollars across two token rounds, including a 41 million dollar raise led by Paradigm with Bain Capital Crypto, Coinbase Ventures, and Multicoin Capital participating. $ACX currently trades near 0.035 dollars, up roughly 4% over the past 24 hours but down about 84% over the past year, underscoring the pressure on token‑only models in a market that increasingly rewards clear cash‑flow rights and legal protections.​

If approved, Across’s restructuring could become a template for late‑cycle DeFi projects seeking to square token‑based governance with real‑world compliance and institutional onboarding. It would also sharpen the debate over whether DAO tokens are long‑term ownership instruments or transitional mechanisms on the way to more conventional equity structures, especially for infrastructure servicing exchanges, trading firms, and custodians. For now, the critical question is whether $ACX holders value legal clarity and equity upside more than the ideological purity of remaining fully token‑native.