Sale Claims Emerge After Altcoin Project Founder Dies; Company Denies Them

Ondo Finance was allegedly offered to potential buyers after its founder died; the company denied holding sale talks or authorizing anyone to do so.

According to a CoinDesk report citing three people familiar with the matter, potential buyers were approached about Ondo Finance. Two of the sources said the effort took place after founder and CEO Nathan Allman died on May 25. However, it remains unclear who conducted the outreach.

An Ondo spokesperson called the sale claim “completely baseless,” saying the company had never sought a buyer. The spokesperson also said no one from the company had held sale talks and no one had been authorized to pursue such an effort on its behalf. The party representing Allman’s estate declined to comment.

Legal battle over control of the company continues

The party representing Allman’s estate sued Ondo acting CEO Ian De Bode in early August. The lawsuit alleged that De Bode was unlawfully trying to take control of the company and its money. The current court order allows De Bode to run day-to-day operations but prevents him from making major changes at the company until the control dispute is resolved.

Allman died at age 32 without leaving a will. As a result of the estate process, his parents inherited his estate, including a controlling stake in Ondo and ONDO tokens. One source said the escalating legal battle over control of the company may have put any potential sale plans on hold.

Products hold more than $3.8 billion in assets

Founded in 2021, Ondo offers products that provide blockchain-based access to U.S. Treasuries and stocks. Its products hold more than $3.8 billion in assets. Ondo’s OUSG fund also invests in BlackRock’s tokenized BUIDL fund.

The assets held in the products are not the company’s sale price or valuation. CoinDesk reported that it was unable to determine what price was discussed in the alleged sale outreach.