TLDR
- Maple Finance co-founder Joe Flanagan and COO Ryan O’Shea are leaving over strategy differences.
- SYRUP fell 7.5% in 24 hours to $0.12, with a market cap near $145 million.
- Third-quarter revenue hit $4.4 million, up 5% from a year earlier.
- Assets under management rose 18% to $4.7 billion, while total value locked fell about 11%.
- Maple plans to expand into fintech partnerships and a wider range of loan assets.
Two senior leaders are leaving Maple Finance, an onchain asset manager. The exits come as the firm’s revenue grows and its token price falls.
Leadership update: Maple Co-Founder Joe Flanagan is stepping down as Chairman and leaving Maple to focus on what comes next for him. Since 2019, he’s helped scale Maple to $4.8B in AUM and $20B in loans originated.
This is an agreed and orderly transition, and our direction…
— Maple (@maplefinance) November 11, 2026
Co-founder and executive chairman Joe Flanagan said Wednesday that he is leaving after seven years. He pointed to a growing divide with fellow co-founder and CEO Sidney Powell.
“Over time, our views on strategy, leadership, and life have moved further apart,” Flanagan wrote. He added that Maple is best served by one co-founder leading it.
Chief operating officer Ryan O’Shea shared his plans in a Thursday post on X. He said he will step down after nearly five years because he holds a different view on the company’s direction.
How the Company and Market Responded
Maple confirmed Flanagan’s exit in a statement on Wednesday. It called the move an agreed and orderly transition.
The company said Flanagan’s duties will move to Powell and the existing leadership team. It did not name a new chairman.
Maple also did not explain how the work of the departing executives would be covered. Maple and Powell did not respond to requests for comment.
The SYRUP token traded at $0.12 at 10:36 p.m. UTC Thursday. That was down 7.5% over 24 hours and 12% over the past week, according to CoinGecko.
The token’s market value stood at about $145 million. SYRUP is down 62% so far this year.
Timeline and Business Plans
Flanagan said he chose to leave rather than support a direction he cannot stand behind. He said he will help with the handover through the end of 2026.
O’Shea’s departure takes effect Nov. 27. He said he will have no ongoing role after that date.
The changes come as Maple looks beyond crypto-backed lending. In October, Powell said the firm wants to reach more customers through fintech partnerships.
Powell also said Maple plans to lend against more types of assets. These include payments owed on loans made by fintech companies. They also include securities backed by assets such as mortgages.
Maple’s business numbers have kept rising. Token Terminal data shows protocol revenue grew 8% year over year in October.
Total value locked, a measure of funds held in the protocol, fell about 11%. That drop covers the period from the end of September to Nov. 11.
The company reported $4.4 million in third-quarter revenue, up 5% from a year earlier. Assets under management climbed 18% year over year to $4.7 billion.
Maple has also used some of its revenue to buy back SYRUP tokens. It bought about 1.37 million tokens in September, twice the amount from August.
O’Shea’s last day at the company is set for Nov. 27, and Flanagan is due to support the transition through the end of 2026.
