TLDR
- Ondo Finance was reportedly presented to potential buyers after founder Nathan Allman died unexpectedly in May.
- The company denied that it authorized or participated in any effort to sell the business.
- A legal battle over control of Ondo Finance has intensified between Allman’s estate and acting CEO Ian De Bode.
- De Bode can manage daily operations but cannot make major company changes under the current court order.
- Ondo Finance manages more than $3.8 billion in tokenized assets while the ownership dispute remains unresolved.
Three people familiar with the matter said intermediaries presented Ondo Finance to prospective buyers after founder and CEO Nathan Allman died on May 25. Sources said someone contacted possible buyers after his death, but they could not identify who started the outreach. The company denied that it sought a sale or authorized anyone to pursue one.
Allman died at 32 without a will, leaving control of his company stake and ONDO holdings unresolved. Probate proceedings awarded his estate to his parents, Kathleen and Lawrence Allman. A recent succession dispute update reported that court filings now span Delaware and Hawaii as family members and investors contest control.
Court Fight Restricts Major Company Moves
In August, Allman’s estate sued acting CEO Ian De Bode and accused him of taking control without proper authority. De Bode remains CEO under a court order and can manage normal operations. However, the order blocks major company changes while the court considers who legally controls the business.
The dispute has likely stalled any sale process, one source said. Ondo continues operating its tokenization business during the case. This week, the company launched in-kind stock tokenization for approved institutions, allowing firms to convert shares into tokenized versions on Ethereum and BNB Chain through Alpaca’s network.
Funding, Products and Deal Market
Ondo Finance has raised $24 million in equity funding across two rounds and another $10 million through a token sale. Its investors include Pantera Capital, Founders Fund, Coinbase Ventures and Tiger Global. Ondo has not disclosed a valuation, while sources did not reveal any price discussed during the reported buyer outreach.
The company manages more than $3.8 billion across tokenized U.S. Treasuries and stocks. Its OUSG fund holds exposure to BlackRock’s BUIDL fund. Ondo also launched three onchain portfolio tokens this week using investment strategies built by BlackRock. Ondo currently offers them only to eligible investors outside the United States.
The reported outreach came during a busy period for crypto mergers and acquisitions. Architect Partners recorded $12.9 billion in announced sector deals during the second quarter. The largest transaction was Bullish’s $4.2 billion purchase of Equiniti, reflecting broader interest in infrastructure that connects traditional assets with blockchain-based markets. Tokenization deals formed part of wider activity across the crypto sector.
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