Ondo Finance Control Fight Moves to Delaware Court

Ondo Finance's control fight has moved to Delaware Court as per an amended S-1 filed by 21Shares Ondo Trust on February 6, 2026. The filing designates the courts of the State of Delaware and federal courts in Wilmington as the exclusive forum for certain claims and disputes related to the trust.

The same S-1 discloses a related-party transaction where Flux Finance Inc. purchased 2,000,000 shares of beneficial interest in the trust valued at $38,032,661 denominated in ONDO. This transaction could be scrutinized in any future governance or control context.

According to public records, there is no verified Delaware Court of Chancery complaint or published opinion explicitly documenting a new control case over Ondo Finance as of August 9, 2026. However, if a dispute materializes, litigants would likely have to proceed in Delaware, shaping counsel selection and the cadence of any potential injunction or expedited discovery.