Ondo Finance Seeks Sale After Founder’s Death, Company Denies

Ondo Finance was recommended to potential buyers following the death of its founder and CEO Nathan Allman earlier this year. Allman passed away on May 25, and the related contacts occurred after his death, with the specific party pushing for the sale remaining unclear. In early August, Allman's estate management filed a lawsuit against Ondo's acting CEO Ian De Bode, accusing him of illegally seizing control and funds of the company, leading to an intensified power struggle. Allman, who died at the age of 32 without a will, left uncertainty regarding the ownership of his controlling shares and a significant amount of ONDO tokens. After the probate process, his estate was awarded to his parents, Kathleen Allman and Lawrence Allman. According to a court order, De Bode continues to serve as CEO and manage daily operations, but is prohibited from making significant changes to the company until the control dispute is resolved. Insiders indicate that the escalation of the control litigation could put any sale plans on hold. An Ondo spokesperson denied that the company was seeking buyers, stating that claims of a potential sale are completely false and that no one is pushing for a sale or participating in negotiations. Ondo was founded in 2021 and is headquartered in New York, offering tokenized U.S. Treasury bonds and stocks, with product scale exceeding $3.8 billion.

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