Ondo Finance has firmly denied reports that the company was offered to prospective buyers after the sudden death of its founder and chief executive, Nathan Allman. The denial comes amid an ongoing legal dispute over control of the firm and its assets.

Allman, 32, died on May 25 without a will. He held a controlling stake in the New York-based company and served as its sole director at the time of his death. His parents, Kathleen and Lawrence Allman, became heirs to the estate through probate proceedings in Hawaii. Kathleen Allman was later appointed personal representative and has asserted voting rights tied to the estate’s shares.

Reports of Buyer Outreach and Company Denial

According to accounts from multiple people familiar with the matter, outreach to potential buyers took place at some point after Allman’s death. The individuals did not identify who initiated the discussions or what valuation, if any, was proposed. One source indicated that the subsequent legal battles over corporate control have effectively stalled any possible sale process, as buyers typically require clear ownership and authority before proceeding.

Ondo Finance rejected the reports. A company spokesperson stated that the firm has never been on the market, has not engaged in discussions about a sale, and has not authorized any party to seek buyers. The spokesperson described the claims as wholly untrue. Allman’s estate declined to comment.

Leadership and Estate Disputes

In early August, Allman’s estate filed a lawsuit in the Delaware Court of Chancery against acting CEO Ian De Bode. The complaint alleges that De Bode sought to seize authority and financial resources without proper board approval after Allman’s death. De Bode has rejected the claims as meritless. Court records show the case, Kathleen C. Allman v. Ondo Finance Inc., was filed on July 24 and remains active before Chancellor Kathaleen McCormick.

Under the current court arrangement, De Bode continues to oversee ordinary day-to-day operations. He is barred from making major structural changes until the control issues are resolved. At the time of Allman’s death, court filings described him as the controlling shareholder and sole director, with one board seat vacant. Kathleen Allman later used shareholder consents in an effort to appoint directors and remove De Bode, according to the complaint.

The estate has also challenged a compensation package prepared for De Bode following Allman’s death. Related reporting places the disputed arrangement at roughly $11 million, covering salary, a signing payment, restricted token units, and equity awards. Those figures remain allegations and have not been established by a final court ruling.

A separate proceeding in Hawaii involves a petition by Allman’s half-sister, Dr. Lani Clinton, and Ondo investor David Chen. They sought a limited conservatorship over Kathleen Allman’s interest in the estate, raising questions about her ability to manage financial affairs. Kathleen Allman and her lawyers have denied the allegations, describing the filing as connected to the broader fight over Ondo. No final ruling on those claims has been identified.

The estate holds a significant allocation of ONDO tokens, including unlocked tokens and others scheduled to unlock over the next three years, in addition to the controlling equity position. Exact sizes of certain holdings are redacted from public filings.

Ongoing Operations and Company Background

Despite the governance disputes, Ondo Finance has continued product development and institutional offerings. On September 21, the company announced a new route allowing approved institutions to convert underlying shares directly into Ondo Stocks through Alpaca’s Instant Tokenization Network. The service operates on Ethereum and BNB Chain. Institutions must maintain active accounts with both Ondo and Alpaca and receive approval before use.

Founded in 2021 by former Goldman Sachs employees, Ondo specializes in tokenized U.S. Treasuries, equities, and related real-world asset products. It manages more than $3.8 billion across its offerings. The company’s OUSG fund has participated in BlackRock’s tokenized BUIDL fund. Ondo Global Markets has recorded nearly $18 billion in cumulative trading volume in related activity.

Equity fundraising totals $24 million: a $4 million round in 2021 and a $20 million Series A in 2022 led by Founders Fund and Pantera Capital. Participants included Coinbase Ventures, Tiger Global, GoldenTree, Wintermute, and Flow Traders. An additional $10 million came from a token sale, bringing public fundraising to $34 million. The company has not disclosed valuations for its equity rounds.

Earlier in 2026, Ondo was reported to be exploring potential acquisitions of up to $500 million in wealth technology or adjacent financial businesses, though no specific targets or formal advisers were publicly identified at the time.

Market Context

The reports of sale discussions arrived during a period of elevated merger and acquisition activity in crypto. Announced deals reached $12.9 billion in the second quarter, the industry’s second-highest quarterly total. Notable transactions included interest in tokenized securities infrastructure, the same segment in which Ondo operates.

Trading in the ONDO token has continued amid the corporate uncertainty. Technical analysts have noted recent price movements relative to key levels, though token performance remains separate from the unresolved ownership questions.

Resolution of the Delaware and Hawaii proceedings will determine future authority over major decisions at the firm. Until then, day-to-day management remains with De Bode under court limits, while product operations and institutional services proceed.