Ondo Finance has strongly denied reports that the company was being shopped to prospective buyers following the death of its founder, Nathan Allman. The 32-year-old passed away on May 25, 2026, without leaving a will, triggering a succession crisis that led to a legal battle.
An Ondo spokesperson called the report, first published by CoinDesk, completely untrue. The company emphasized that no one within Ondo is looking for a buyer, and no authority was ever granted to an outside party to solicit offers.
Reports of a potential sale initially stemmed from three anonymous sources claiming that pitch maneuvers took place after May 25. The three sources were unable to confirm who initiated the discussions or what valuation was discussed. One source suggested that ongoing litigation engulfing the company has halted any sale plans.
Who Holds the Majority Stake?
The root of the conflict stems from the absence of a will. During his lifetime, Allman was the controlling shareholder of Ondo Finance. The founder’s passing immediately raised crucial legal questions over who has the right to exercise voting power for that majority stake.
Probate proceedings were launched in Hawaii, resulting in Allman’s parents, Kathleen and Lawrence, being named heirs. Armed with that ruling, Kathleen moved to claim full authority as the personal representative of her late son’s estate, attempting to reconstitute Ondo’s board of directors.
The late founder’s family’s move was met with immediate resistance from management. Another Ondo executive, De Bode, strongly opposed the attempted transfer of control, escalating the internal dispute into the courtroom.
Operational Restrictions in Delaware
The ownership dispute is officially docketed as Kathleen C. Allman v. Ondo Finance Inc., case number 2026-0978. Filed on July 24, 2026, the lawsuit is being handled by the Delaware Court of Chancery under Chancellor Kathaleen McCormick.
To prevent operational disruption while proceedings are underway, the court has established temporary restrictions. The judge permitted De Bode to continue overseeing Ondo Finance’s day-to-day operations, but barred major changes to the corporate structure or strategic decisions until the ownership dispute is resolved.
The fate of the platform’s leadership structure now rests entirely on the court’s verdict. While awaiting legal clarity, the company continues to operate under management authority strictly curtailed by judicial orders.
Reported via crypto.news.
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Previously: Ondo Finance Founder’s Death Sparks Power Struggle - Three Sources Cite Secret Sale Attempts
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
