Ondo Finance Fights Over Control as Founder's Death Triggers Delaware Court Battle

Ondo Finance, one of the more closely watched names in the tokenization of real-world assets, is now the subject of a succession dispute playing out in the Delaware Court of Chancery, following the unexpected death of its founder Nathan Allman on May 25. Allman was 32 and had led the company he founded five years earlier since leaving the Digital-Asset team at Goldman Sachs. He held the roles of CEO, sole Director and controlling shareholder, and he died without a will.

Ondo announced the death in a statement posted on X: "It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo's founder. Our hearts are with his family and loved ones."

Within days, Ian De Bode took over operational leadership and began appearing publicly as the new chief executive. On June 1, Ondo published a post under De Bode's name carrying the title Chief Executive Officer. Weeks later, on June 26, Kathleen Allman, Nathan's mother, was officially appointed personal representative in probate proceedings in Hawaii.

Competing claims over the board

Kathleen Allman has accused De Bode of assuming his position without the required board resolution and of making himself sole director. De Bode denies the accusations as unfounded. According to court documents, Kathleen Allman subsequently placed herself on the board and then expanded it with new members.

That reconstituted board met on July 24 and voted to remove De Bode, appointing Kathleen Allman as interim CEO and Chair. The same day, a lawsuit was filed against Ondo Finance at the Delaware Court of Chancery. Under the court's interim arrangement, De Bode remains CEO and continues to handle daily business, but is barred from making major changes while the dispute is resolved.

Business keeps expanding despite the dispute

The legal fight has not slowed Ondo's commercial momentum. The company recently presented new Onchain portfolios built around strategies developed by BlackRock. Total funds invested across Ondo's products now exceed $3.8 billion, and the value of its products has nearly octupled over the last two years to about $3.9 billion.

Ondo remains a major provider of tokenized US Treasuries through its OUSG and USDY products. Its newer Ondo Stocks platform, launched in September 2025, has already moved $26 billion in trading volume and crossed $1 billion in bound capital within less than eight months of launch.

The ONDO token has also climbed, trading at $0.52 after rising roughly 50% over the past two weeks, even as the question of who ultimately controls the company remains unresolved before the Delaware court.