Across Protocol offers ACX token-for-equity swap as it plans US corporate conversion

Across Protocol has proposed converting its DAO into a U.S. C‑corporation, AcrossCo, by offering ACX holders a token-for-equity swap or an immediate USDC buyout. The non‑binding governance “temperature check” (The Bridge Across) would create AcrossCo to hold intellectual property, manage development, partnerships and commercialization. ACX holders could convert tokens 1:1 into AcrossCo shares (direct conversions for holders with >5 million ACX; smaller holders via a special purpose vehicle) or accept a buyout at $0.04375 per ACX paid in USDC — roughly a 25% premium to the 30‑day average. The proposal says the buyout funds would come from the protocol’s liquid treasury and argues a corporate wrapper will enable enforceable contracts and institutional deals. Market reaction was immediate: ACX price jumped (~85% at peak), market cap tripled toward ~$45M, 24‑hour spot and derivatives volumes spiked dramatically and open interest surged. The temperature check is non‑binding; community feedback is open now with a possible governance vote in early April if feedback is favorable. Key implications for traders: evaluate the exchange ratio and buyout valuation, weigh immediate liquidity versus potential equity upside, monitor on‑chain activity and derivatives flows for volatility, and watch governance milestones that could trigger further price moves. Primary keywords: ACX, Across Protocol, token-for-equity, DAO to C‑corp, USDC buyout.