Dao-To-Corp Restructuring And Token Value Accrual Limits
Sources: 1 • Confidence: Medium • Updated: 2026-04-11 17:20
Key takeaways
- Across proposed exploring a move from a DAO to a US C-corp where ACX holders could exchange tokens for equity 1:1 or redeem tokens for a fixed price set at a 25% premium to the one-month average price.
- Santiago Roel said crypto founders and investors are increasingly questioning whether launching a token can do more harm than good for otherwise profitable businesses.
- The host characterized Coinbase's strategy of competing directly with traditional market incumbents as leaving it out of major partnership ecosystems forming around tokenized equities.
- The host speculated that proposed Mastercard acquisitions of BVNK and ZeroHash stalled due to valuation concerns and the high-risk nature of current revenue or customer bases at some stablecoin and payment providers.
- The host said they ended their Miami living arrangement and returned to New York because Miami hindered their productivity and had less in-person business activity.
Sections
Dao-To-Corp Restructuring And Token Value Accrual Limits
- Across proposed exploring a move from a DAO to a US C-corp where ACX holders could exchange tokens for equity 1:1 or redeem tokens for a fixed price set at a 25% premium to the one-month average price.
- The host expressed concern that token markets can obscure true public float and future sell pressure despite onchain transparency claims, particularly for application-layer tokens.
- The host cited Aave as one of the only DAOs that has partially made token value accrual and governance work, but said revenue-related decisions remain contentious and the model is imperfect.
- Across was described as a bridge protocol with roughly 35 billion dollars in lifetime volume and as core infrastructure to many crypto protocols.
- After the Across proposal was reported, ACX was reported to be up about 33% and later traded above the implied buyout or redeem level before falling back.
- The host said that if a company launches a token it should have a clearly articulated purpose, while cautioning against overcorrecting into an equity-only worldview.
Token Launch Skepticism, Tokenless Profitability, And Shifting Financing Playbooks
- Santiago Roel said crypto founders and investors are increasingly questioning whether launching a token can do more harm than good for otherwise profitable businesses.
- The host said that if a company launches a token it should have a clearly articulated purpose, while cautioning against overcorrecting into an equity-only worldview.
- The host argued that tokens can enable valuations and wealth outcomes that would likely not be achievable under equity-style fundamental valuation, citing Ondo as an example where token valuation appears disconnected from revenue fundamentals.
- The host argued that airdrops and tokens can accelerate adoption and mindshare by enabling user wealth creation and subsidizing fees, citing Hyperliquid as a case where an airdrop likely contributed to rapid growth.
- Santiago Roel described a prior crypto venture playbook of investing with the expectation of a token launch within about a year and relatively quick unlocks, relying on token valuation multiples to recoup principal and retain upside optionality.
- Santiago Roel cited several widely profitable crypto businesses as operating without issuing tokens, including BirdEye, Dex Screener, and CoinGecko.
Exchanges, Tokenized Equities, And Partnership-Based Market Structure
- The host characterized Coinbase's strategy of competing directly with traditional market incumbents as leaving it out of major partnership ecosystems forming around tokenized equities.
- The host said Kraken obtained a Federal Reserve master account enabling direct settlement and expected more innovation as OCC chartering becomes more open and stablecoin rails expand.
- The host said Kraken announced a deal with NASDAQ to use NASDAQ as the registry for Kraken's tokenized stock business.
- The host said Coinbase Commerce is a good product but is deprioritized relative to other Coinbase initiatives.
- Santiago Roel stated a preference to own Robinhood over Coinbase and Kraken over Coinbase based on product and customer acquisition dynamics.
- The host said Coinbase needs to take a major strategic swing rather than relying on smaller acquisitions that are hard to integrate.
Payments Incumbents And Stablecoin Settlement As A Rail Migration
- The host speculated that proposed Mastercard acquisitions of BVNK and ZeroHash stalled due to valuation concerns and the high-risk nature of current revenue or customer bases at some stablecoin and payment providers.
- Mastercard announced a global crypto partner program intended to coordinate collaboration across more than 85 crypto-native companies, payment providers, and financial institutions.
- The host said Visa is substantially ahead of Mastercard in stablecoin-related activity, including about 6 billion dollars of annualized direct stablecoin settlement on its network and dominance of the stablecard ecosystem.
- The host described Mastercard's crypto partner program as light on product specifics and primarily framed as a forum to make coordination and access to Mastercard teams easier.
- The host said the fastest-growing transaction business inside Visa is Visa Direct and described Mastercard Send as the analogous product, possibly larger at the time of discussion.
- The host said they expect payment networks will not be competed away by stablecoins or AI-driven commerce but will migrate significant settlement infrastructure onto stablecoin and tokenized-asset rails.
Geography And Agglomeration As Productivity And Information Advantages
- The host said they ended their Miami living arrangement and returned to New York because Miami hindered their productivity and had less in-person business activity.
- The host said they expect to stay based in New York going forward and only reconsider Miami in about ten years.
- Santiago Roel said investor success often comes more from being well-positioned than from making accurate annual forecasts.
- The host attributed Miami-related productivity loss to increased temptation for leisure and social defaults that make flexible deep-work schedules harder.
- The host said San Francisco has become worthwhile again for them to spend time in post-COVID due to a resurgence in fintech, neobanks, and stablecoin activity.
- The host claimed that in the US, only New York and San Francisco provide sufficient density for deep work and learning from builders and investors.
Watchlist
- The host expressed concern that token markets can obscure true public float and future sell pressure despite onchain transparency claims, particularly for application-layer tokens.
- The host said the CFTC began a process toward new prediction market-specific rulemaking, including a public letter and an upcoming proposed rulemaking with feedback.
Unknowns
- What are the final, legally operative terms and timeline for the Across DAO-to-C-corp conversion (including jurisdiction, equity class, holder rights, tax treatment, and the exact KYC/SPV thresholds)?
- What is the outcome of the Across DAO vote, and what were participation, quorum, and delegate dynamics?
- How accurate are the scale claims: Across lifetime volume, Visa direct stablecoin settlement annualization, and Kraken master-account status?
- How frequently are other protocols actually exploring token-to-equity privatizations, and which categories are leading (application-layer vs base-layer)?
- What is the real distribution impact of tokens and airdrops versus tokenless strategies when controlling for product quality and market conditions?