Across Protocol is considering a C‑Corp pivot that would allow ACX holders to exchange tokens for AcrossCo or USDC equity and test whether token-era DAOs will migrate to traditional cap tables.
Conclusion
- Worldwide proposes to form US C‑Corp AcrossCo, offering ACX holders a six-month window to exchange tokens 1:1 or pay for USDC at a 30-day average price.
- The structure moves larger wallets directly to AcrossCo and smaller wallets via the SPV free of charge, aiming to meet US cap and accreditation regulations without sacrificing decentralization.
- With $51 million in previous funding and a significantly reduced token, this move could become a template for DeFi currencies looking for real contracts, cash flow, and institutional capital.
The cross-chain bridge Across Protocol is exploring a radical restructuring that will allow ACX token holders to exchange their tokens in a new C‑Corp company, AcrossCo, or redeem them for stablecoins, in one of the clearest tests yet of DeFi projects’ compliance with regulatory and institutional pressure. The team has launched a “temperature test” proposal to gauge community appetite before moving on to a formal vote for the chain.
According to the plan, AcrossCo will become the main operating company of the protocol, while ACX holders will get two main options within six months: exchange ACX 1:1 for equity in AcrossCo, or by buying ACX for USDC at the average market price of the token for a month. Larger holders can convert directly to share capital, while smaller holders go through a free special purpose institution to collect and manage their shares. The structure is designed to meet regulatory requirements around minimum schedules and accredited investors, while still maintaining a long tail of token holders.
If the feedback is supportive, the team will begin a formal governance vote two weeks after the temperature test ends, and a simple majority will determine the outcome, founder Hart Lambour said. The move is widely described as a response to the practical limitations of the current DAO structure, pointing to issues related to enforceable contracts, counterparty risk, and the lack of a clear legal package as institutional demands for payment and liquidity infrastructure grow. 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 support is already in place. Across the two rounds, the tokens raised a total of $51 million, including a $41 million raise by Paradigm with Bain Capital Crypto, Coinbase Ventures, and Multicoin Capital. ACX is currently trading around $0.035, up nearly 4% over the past 24 hours, but down nearly 84% over the past year, underscoring the pressure on token-only models in the market that increasingly reward cash flow rights and legal protections.
If approved, Across’s restructuring could become a template for later DeFi projects seeking to implement token-based governance with real-world compliance and institutional integration. It will also intensify the debate about whether DAO tokens are long-term ownership vehicles or transitional mechanisms on the way to traditional equity structures, especially for infrastructure service exchanges, trading companies and custodians. At this point, the important question is whether ACX holders value legal clarity and equality more than the ideological purity of remaining fully original.
