Sources familiar with the matter say that tokenized asset platform Ondo Finance is evaluating a potential acquisition deal worth between $250 million and $500 million. The company has not yet hired formal advisors, and discussions are still in the early stages, potentially targeting niche areas such as wealth technology.

The target may be wealth technology.

Sources indicate that the New York-based company is exploring mergers and acquisitions to expand its business, but the matter remains under private discussion. Ondo later responded to CoinDesk, stating that the company regularly evaluates market opportunities but is not currently in negotiations with any party.

Founded in 2021 by a former Goldman Sachs executive, Ondo primarily brings traditional financial assets onto the blockchain, with products covering tokenized US Treasury bonds and stocks. According to reports, the scale of its tokenized assets exceeds $2.5 billion, making it one of the larger issuers in this sector.

Mergers and acquisitions continue to flow into infrastructure.

Mergers and acquisitions in the crypto industry remained active in 2026, with payments, stablecoins, custody, tokenization, and institutional trading infrastructure being the main acquisition targets. Companies were more focused on licenses, technological capabilities, and distribution channels, hoping to expand their scale and complete their product lines through mergers and acquisitions.

• The company completed 89 transactions in the first quarter, totaling $3.2 billion.
• The disclosed transaction volume in the second quarter reached $12.9 billion.
• Ondo's potential transaction range is $250 million to $500 million.

The trading volume has continued to increase recently.

Recent publicly disclosed examples include Keyrock's acquisition of BlockFills' trading and brokerage assets, Kraken's $550 million acquisition of Bitnomial, and CoinDesk's parent company Bullish's $4.2 billion acquisition of investment platform Equiniti. These deals demonstrate that industry consolidation is extending from trading services to broader financial infrastructure.

The report also mentioned that Ondo has only raised $24 million in venture capital since its inception, with an additional $10 million raised through a public ONDO token sale. Compared to the size of its currently managed tokenized assets, this funding amount is not high. Following the report, ONDO rose approximately 6% within 24 hours of the announcement, reaching about $0.42.