Tokenized asset specialist Ondo Finance is evaluating a potential acquisition of between $250 million and $500 million, according to a person with knowledge of the matter.
The New York-based company is considering wealthtech targets, among other subsectors, said the person, who spoke on condition of anonymity because the matter is private.
Ondo has not yet appointed any formal advisers, the person said.
Founded in 2021 by former Goldman Sachs executives, Ondo Finance is a tokenization platform that brings traditional financial assets onchain. The company issues tokenized U.S. Treasuries and stocks and has become one of the largest providers of tokenized real-world assets, with more than $2.5 billion across its products.
“As a fast-growing company, Ondo regularly evaluates the market as part of normal business operations. We are not in conversations with any party at this time,” an Ondo representative said in emailed comments to CoinDesk.
Crypto dealmaking has remained strong in 2026 as traditional financial firms and larger digital-asset companies use acquisitions to add licenses, technology and distribution.
The sector recorded 89 transactions worth $3.2 billion in the first quarter, followed by $12.9 billion of disclosed deal value in the second, the second-highest quarterly total on record, according to Architect Partners. Payments, stablecoins, custody, tokenization and institutional trading infrastructure have emerged as key targets as companies seek scale and a wider range of product offerings.
Recent transactions include Keyrock’s acquisition of BlockFills’ trading and brokerage assets, Kraken’s $550 million purchase of Bitnomial, and CoinDesk owner Bullish buying investment platform Equiniti for $4.2 billion.
Ondo has raised just $24 million in venture funding since its founding, supplemented by a roughly $10 million public $ONDO token sale. This makes it one of crypto’s most capital-efficient infrastructure companies despite managing billions of dollars in tokenized assets.
$ONDO was trading 6% higher over 24 hours, around $0.42 at publication time.
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