Risk Labs, the team behind cross-chain bridging protocol Across, is proposing to dissolve the project’s token-based DAO structure and transition its operations to a newly formed U.S. C-corporation. Under the plan, ACX token holders would be offered two options: exchange their tokens for equity in the new company at a 1:1 ratio, or sell their tokens for USDC at $0.04375 — a 25% premium over the trailing 30-day average price. ACX surged 70% on the news to $0.06, yielding a roughly $60 million valuation, though the token remains down about 96% from its all-time high of $1.69 in December 2024.
Holders with more than 5 million ACX can convert directly to equity, while smaller holders can participate through a no-fee special purpose vehicle (SPV) structure. Risk Labs framed the move as a response to friction encountered with institutional and enterprise partners, arguing that the current token and DAO structure has impeded its ability to close partnerships. A traditional corporate entity, they argue, would unlock new commercial opportunities and enable entry into enforceable contracts. The protocol’s liquid assets, roughly equivalent to its current market cap, would be used to finance the buyout, with a six-month redemption window expected to open within three months of the proposal passing.
“This proposal is a temperature check, and nothing will be decided without dialogue and a formal DAO vote,” Lambur added. Across raised $41 million last year from prominent investors, including Paradigm, Bain Capital Crypto, Coinbase Ventures, and Multicoin Capital. Looking ahead, Lambur said Across plans to focus on stablecoin bridging and agentic payments, teasing two more yet-to-be-announced deals that make moving money free for users.
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