Is token restructuring the new meta? Breaking down @AcrossProtocol’s proposed take-private Across Protocol is proposing a shift from a DAO structure to a U.S. C-corp, allowing ACX holders to exchange their tokens for company equity or redeem them for USDC at a premium. The key goal is to institutionalize the setup. On one hand, enterprise partners require enforceable contracts and clear legal counterparties, which a DAO cannot provide. On the other hand, moving to a corporate structure means token holders risk losing their economic position in the protocol unless they are given a path to become shareholders. This situation highlights two key challenges of crypto organizations: (1) Organizational complexity: operations split across Labs, Foundations, and DAOs often create friction for institutional expansion, partnerships, and execution, as Across’s case shows. (2) Dual capital structure: tokens create a parallel economic layer alongside equity, creating tension around ownership, control, and value creation as projects mature. To address this, Across is proposing what we describe in our latest report as a “token take-private”, a route for consolidating fragmented token economics into a single equity structure. We explore this topic in more detail in our recent Token-Equity M&A Playbook. Access the full report here: docs.areta.io/v/token-equity…

1/ How should tokens be treated in an M&A transaction? In 2025, we saw crypto M&A activity surge to record levels, driven by a shift toward a more constructive legislative posture and renewed strategic confidence. We at @areta_io have advised numerous leadership teams on equity and token transactions. While equity deals are typically straightforward, the involvement of tokens adds significant complexity. We’ve put our insights into a concise report covering, follow along 🧵