Across has published a preliminary proposal to transition from a decentralized autonomous organization (DAO) structure to a traditional U.S. C-Corporation, with ACX token holders offered the ability to exchange tokens for company equity. The token surged 30% following the announcement, with buying pressure intensifying after The Block reported on the proposal.
The structural reorganization represents a significant pivot for the protocol, which has operated as a DAO since inception. Under the proposed framework, ACX holders would convert their tokens into shares in the newly formed C-Corp entity, formalizing the relationship between the protocol and its stakeholders through traditional corporate governance rather than on-chain mechanisms. The timing and mechanics of any conversion remain subject to further refinement, according to the proposal documentation.
The immediate market reaction underscores investor appetite for regulatory clarity and formalized corporate structures in the cryptocurrency sector. The price appreciation began within minutes of The Block's coverage, suggesting coordinated institutional interest in the recapitalization event and the potential tax or accounting implications that accompany tokenized equity conversions under U.S. law.