Sonic Labs Advances Governance Plan with Near-Unanimous Community Support

Sonic Labs' proposal to establish Sonic USA LLC achieved near-unanimous approval, with 99.99% support from 105 participating wallets. The vote mobilized over 700 million S tokens, comfortably surpassing governance quorum requirements. The project confirmed the milestone on social media with a succinct declaration: "Sonic is coming. Governance passed. Stay tuned."

The initiative allocates $100 million in S tokens to back a Nasdaq-listed PIPE vehicle, supplemented by a $50 million commitment for an S token-based ETP. BitGo, the Palo Alto-based custody giant overseeing $100 billion in assets, will safeguard the ETP assets. The product will be issued by an established ETF sponsor, capitalizing on BitGo's 2024 AUM growth from $60 billion to $100 billion amid expanding crypto institutionalization.

BitGo's confidential IPO filing coincides with its infrastructure role in Sonic's ambitious liquidity plans. Early investors including Goldman Sachs and Redpoint Ventures now monitor dual trajectories: traditional public market exits alongside innovative tokenization strategies like Sonic's ETP structure.