Overview

• Sonic’s proposal allocates $50 million to a regulated ETF vehicle and $100 million to a NASDAQ PIPE, with PIPE tokens bought on the spot market and locked for three years.
• The plan would form Sonic USA LLC in Delaware, hire a U.S. CEO and capital markets team, and open a New York office to engage regulators and partners.
• Custody for the proposed vehicles would run through BitGo as Sonic seeks to align with U.S. institutional standards.
• Tokenomics changes include a higher burn mechanism that would destroy half of fees on certain transactions to increase deflationary pressure on $S.
• Holders face a binary choice to authorize the issuance and U.S. expansion framework or keep the current tokenomics, with supporters citing institutional access and critics warning of dilution and regulatory uncertainty.