CoinDesk
People familiar with the matter say Ondo Finance was shopped to prospective buyers after founder and CEO Nathan Allman died on May 25. The company has more than $3.8 billion across its tokenized Treasury and stock products, but it denies that anyone authorized sale discussions. An Ondo spokesperson called the claim “wholly untrue.”
Why it matters
Allman died unexpectedly at 32 without a will, leaving uncertainty around his controlling stake in Ondo and his large holdings of ONDO tokens. His estate was later awarded to his parents, Kathleen and Lawrence Allman. In early August, the estate sued acting CEO Ian De Bode, alleging an unlawful power and money grab.
A court order allows De Bode to run day-to-day operations but bars major changes while the control dispute is resolved. The estate declined to comment, while Kathleen Allman denied allegations in a separate petition seeking to limit her control over the inherited stake.
Market impact
The legal fight has likely put any sale plans on hold, one person familiar with the matter said. That leaves a major tokenization platform operating under tighter corporate constraints while buyers across crypto continue pursuing real-world-asset businesses.
Ondo raised $24 million in equity funding and a separate $10 million token sale. Its backers include Pantera Capital, Founders Fund, Coinbase Ventures and Tiger Global. The company’s OUSG fund holds investments in BlackRock’s tokenized BUIDL fund, linking Ondo to the broader institutional push to bring Treasuries and other assets onto blockchain rails.
Frequently asked questions
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Why was Ondo Finance reportedly offered to buyers?
People familiar with the matter said Ondo was shopped after founder and CEO Nathan Allman died. The identity of whoever pursued a sale remains unclear.
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How has Nathan Allman’s death affected control of Ondo?
Allman died without a will, creating uncertainty over his controlling stake and ONDO holdings. His estate was later awarded to his parents.
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What restrictions apply to Ondo’s acting CEO?
A court order allows Ian De Bode to oversee day-to-day operations but prevents major changes while the control dispute is being resolved.
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What does Ondo Finance say about the reported sale effort?
Ondo denies that it sought buyers or authorized sales discussions. A company spokesperson called the claim “wholly untrue.”
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Why is Ondo important to the tokenization market?
Ondo has more than $3.8 billion across tokenized Treasury and stock products. Its OUSG fund also holds investments in BlackRock’s tokenized BUIDL fund.
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