Tokenization platform Ondo Finance was shopped to prospective buyers after the death of its founder and CEO, Nathan Allman, in May, according to three people with knowledge of the matter. The exact party behind the sale attempts remains unclear.
Allman died unexpectedly at age 32 without a will, creating uncertainty over his controlling stake in Ondo Finance and his substantial holdings of ONDO tokens. Following a probate process, his estate was awarded to his parents, Kathleen Allman, 77, and Lawrence Allman, 82.
An ongoing legal dispute has likely put sale plans on hold. In early August, Allman's estate filed suit against Ondo's acting CEO Ian De Bode, alleging an unlawful power and money grab. Under current court order, De Bode remains CEO and can oversee day-to-day operations but cannot make major company changes while the control dispute is being resolved.
Ondo Finance has vehemently denied the sale reports. An Ondo spokesperson stated that nobody at the company has shopped it for sale, been in sales talks, or engaged anyone to do so on its behalf. The estate declined to comment.
Founded in 2021 by former Goldman Sachs executives, Ondo offers tokenized U.S. Treasuries and stocks and manages more than $3.8 billion across its products. The company has raised $24 million in equity funding across 2021 and 2022, with equity backers including Pantera Capital, Founders Fund, Coinbase Ventures, and Tiger Global.
CoinDesk was unable to determine what price was discussed during the sale talks, as Ondo has not disclosed valuations from its previous funding rounds.
