Across Protocol releases an important proposal to exchange ACX tokens for company shares

The cross-chain bridge protocol Across Protocol, developed by Risk Labs, released the proposal “The Bridge Across” on March 11, suggesting a transformation of the ACX token structure into a U.S. C Corporation and offering two options for ACX token holders: exchange tokens 1:1 for company shares or sell each token for $0.04375 USDC.

Dual Option Framework: Specific Conditions for Equity Exchange and Token Buyback

(Source: Across Forum)

Option 1: Equity Swap

The exchange ratio is 1:1 — holding 1,000 ACX tokens can be exchanged for 1,000 shares of AcrossCo (or equivalent units in a Special Purpose Vehicle SPV). All classes of holders are treated equally, with no priority differences.

Holders with over 50 million ACX tokens can directly convert to equity; those with fewer than 50 million can convert via a fee-free SPV structure, provided they meet the minimum threshold of 250,000 ACX tokens (about $10,000). Due to U.S. securities laws, SPV participants are limited to the top 100 U.S. investors and approximately 500 non-U.S. investors, with U.S. investors required to verify “Accredited Investor” status.

Option 2: Token Buyback

ACX holders who choose not to participate in the equity swap can sell their tokens for USDC at $0.04375 per token, a 25% premium over the average price in the past 30 days. The buyback window will last up to 6 months, expected to open within 3 months after the proposal is approved, funded by existing liquid assets of Across Protocol.

Governance Timeline and Key Milestones

The following are key dates for the “Bridge Across” proposal:

• March 11: Temporary proposal posted on governance forum (RFC stage)
• March 18: Community conference call, Across leadership answers unresolved questions
• March 25: Forum temperature testing discussion
• March 26: Final proposal published for Snapshot voting
• April 2: Snapshot voting results (approved or rejected)
• Within 3 months after proposal approval: ACX holders can start exchanging or selling; 6-month buyback period begins

Strategic Transformation Logic: Token Structure as a Barrier to Institutional Collaboration

Risk Labs explains in the proposal that the current token and DAO structure has had a “substantial impact” on Across Protocol’s ability to sign legally binding contracts, establish revenue agreements, and develop institutional partnerships. Transitioning to a traditional legal entity (AcrossCo) will significantly enhance the protocol’s commercial flexibility, enabling it to sign clear legal business contracts and advance commercialization.

Risk Labs also notes that the current valuation of ACX is severely undervalued, and the new structure is expected to explore new growth avenues. The proposal emphasizes that Across Protocol will continue normal operations during the transition, and only after the token buyback is complete will AcrossCo officially launch in its new form.

Frequently Asked Questions

How exactly does the 1:1 equity exchange for ACX tokens work?

A 1:1 ratio means each ACX token can be exchanged for 1 share of AcrossCo (or equivalent units in SPV). All holders—including institutional investors, employees, and ordinary token holders—are treated equally, with no priority differences. Those holding over 50 million tokens can convert directly; others can convert via the SPV structure.

Why is Risk Labs abandoning a pure token structure and transforming into a private company?

The proposal states that the current DAO and token structure have created substantial barriers to institutional cooperation, preventing the signing of legally binding commercial contracts. Transitioning to a U.S. C Corporation (AcrossCo) will improve legal and business flexibility, while the equity structure ensures ACX holders continue to share in the protocol’s future success.

What are the conditions for ACX token buyback, and where does the funding come from?

The buyback price is set at $0.04375 per token, a 25% premium over the past 30 days’ average price. The buyback window opens within 3 months after the proposal is approved and lasts up to 6 months. Funding comes from Across Protocol’s existing liquid assets (roughly equivalent to the protocol’s current market value).