Ondo Finance, a tokenization platform, reportedly engaged in sale discussions following the unexpected death of founder and CEO Nathan Allman on May 25, according to three sources. The company denies the rumors, calling them “wholly untrue.” A legal dispute over control of the firm and Allman’s estate has complicated any potential transaction. Allman died without a will, leaving his controlling interest to his parents. Acting CEO Ian De Bode continues day-to-day operations but cannot make structural changes. Ondo has raised $34 million in funding from investors including Pantera Capital and Founders Fund. Meanwhile, the ONDO token recently breached a key resistance level, with analysts watching for further technical moves.
The Ondo Finance sale was reportedly discussed with prospective buyers after founder and CEO Nathan Allman’s death on May 25, according to three people familiar with the matter. Two sources said the outreach occurred after his death, although it remains unclear who initiated the discussions.
In early August, the estate sued acting CEO Ian De Bode, alleging an unlawful power and money grab. Allman died unexpectedly at 32 without leaving a will, creating uncertainty around his controlling interest and substantial ONDO token holdings.
After probate, the estate went to his parents, Kathleen Allman and Lawrence Allman. A spokesperson for Ondo denied the sale rumors, stating they were “wholly untrue, as Ondo has never been offered for sale.” The legal dispute will likely pause any sale plans, as a buyer must be sure who has authority.
Currently, a court permits De Bode to continue as CEO for day-to-day activities, but he cannot implement structural changes. Another lawsuit filed by Allman’s half-sister and an investor seeks to restrict Kathleen Allman’s control over her stake, which she denies.
Ondo was founded in 2021 by former Goldman Sachs employees and has over $3.8 billion in product lines, including tokenized U.S. treasuries and equities. The company raised $4 million in 2021, a $20 million Series A in 2022, and a $10 million token sale, totaling $34 million. Investors include Pantera Capital, Founders Fund, Coinbase Ventures, and Tiger Global.
The sale outreach occurs as crypto M&A reached $12.9 billion in Q2, the second-highest quarterly value, announced by Architect Partners. Analyst Giannis Andreou noted that the ONDO token recently breached the $0.475 resistance and is watching for a retest as support, with targets at $0.68 and $0.80. He provided this market view without verifying the sale negotiations. Court orders currently prevent the corporation from taking major steps until the control dispute is resolved.
