ACX surged 80% in 24 hours, hitting $0.07 at peak. The catalyst: a radical restructuring proposal from Across Protocol, a cross-chain bridge that has handled over $35 billion in volume. The team wants to scrap the current DAO structure and incorporate as a US C-Corp, giving token holders a binary choice between stock or a premium cash exit.
Backed by Paradigm, Coinbase Ventures, and Multicoin Capital, Across raised $51 million across two rounds, the latest $41 million led by Paradigm. Despite the high volume — it connects Ethereum, Solana, and other chains — the team admitted the DAO has become a bottleneck for enterprise deals, which require legal contracts and a clear legal entity.
Two Paths, Six Months to Decide
The proposal creates a new operating company called AcrossCo. Holders can:
- Option 1: Equity exchange. Swap ACX 1:1 for AcrossCo shares. Whale can convert directly; small holders use a fee-free SPV structure to participate.
- Option 2: Token buyout. Redeem ACX at a fixed $0.04375 per token in USDC — a 25% premium over the last month's average price. The window lasts six months.
Founder Hart Lambur told media the aim is to offer a “fair” exit while giving the protocol a compliant path forward. He stressed the underlying cross-chain protocol will keep running uninterrupted.
Governance Vote in Two Weeks
The current “temperature check” is a first signal. If feedback is positive, a formal on-chain vote will follow in two weeks, decided by simple majority. ACX jumped from ~$0.035 to $0.07 on the news, but the final outcome — and regulator reaction — remains pending.