Paradigm-backed Across Protocol is exploring allowing ACX holders to exchange tokens for equity.

Across Protocol has launched a temperature check proposal to explore transforming its existing DAO and token structure into a US-based Class C company with a shareholding structure. Under the proposal, the new entity, AcrossCo, will become the operating company of Across Protocol. ACX token holders can choose to exchange their tokens for AcrossCo equity at a 1:1 ratio, or redeem their ACX for USDC at the average market price over a six-month window. Larger holders can directly exchange for equity, while smaller holders can participate through a free special purpose entity structure. Across Protocol co-founder Hart Lambur stated that if community feedback is positive, the team will initiate a formal governance vote two weeks after the temperature check concludes, with a simple majority determining the outcome. The team stated that the current DAO structure has limitations in terms of enforceable contracts and clearly defined legal entities as institutional partners' demand for protocol infrastructure grows. Across Protocol previously raised $51 million through two rounds of token funding, with the most recent $41 million round led by Paradigm, with participation from Bain Capital Crypto, Coinbase Ventures, and Multicoin Capital. The ACX token is currently priced at approximately $0.035, up about 4% in the past 24 hours and down about 84% in the past year.