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Across Protocol Weighs ACX Token-for-Equity Option, Report Says

Across Protocol Weighs ACX Token-for-Equity Option, Report Says

According to the proposal, Across aims to replace its DAO and token structure with a U.S. C-corp, offering ACX holders equity or a USDC exit as governance debate continues ahead of a March 26 vote.

USDC

Fact Check
The claim accurately reflects a real proposal initiated by Across Protocol. Multiple reputable crypto news outlets, including The Block and TechFlow, have reported on the 'temperature check' proposal which includes the transition to a U.S. C-corp, a 1:1 token-to-equity swap, and a USDC redemption option. The details provided in the user's statement match the reported facts.
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Summary

Across Protocol’s latest proposal would dissolve its DAO and token structure and move operations into a U.S. C-corporation called AcrossCo, with the team arguing that a traditional legal entity would make it easier to secure institutional partnerships, enforce contracts, and structure revenue agreements. ACX holders would be able to convert tokens into AcrossCo equity at a 1:1 token-to-share ratio or sell their tokens for USDC at $0.04375 each, a 25% premium to the prior 30-day average price. The proposal adds that holders with more than 5 million ACX could convert directly to equity, while smaller holders could access equity through a no-fee SPV with a 250,000 ACX minimum. ACX rose about 80% after the temp-check proposal, with 24-hour trading volume reaching about $149 million, roughly 3.5 times the token’s market capitalization. A community call is scheduled for March 18, formal discussion runs through March 25, and a Snapshot vote is planned for March 26, with conversion set to begin in early April if approved.

Terms & Concepts
  • ACX: The native token of Across Protocol, which holders could either convert into equity in AcrossCo or sell for USDC under the proposal.
  • DAO: A decentralized autonomous organization, where governance is typically handled by token holders rather than a traditional corporate structure.
  • Snapshot: An off-chain voting platform widely used in crypto governance for token holder polls and formal community votes.