Summary
Ketju does not approve Ondo Global Markets (Ondo Stocks): US persons cannot buy or redeem the tokens. Holders also own a derivative claim on a pool instead of shares. This memo covers Ondo Global Markets (BVI) Limited’s offshore "Ondo Stocks," with "xxxon" tickers such as TSLAon and HOODON. Ondo Stocks are structured notes that track a stock’s total return. Securities held at US-registered broker-dealer custodians serve as collateral, and Ankura Trust attests to it independently. The collateral chain is real and disclosed, but holders get no voting rights and no SIPC protection. US persons, and anyone ordering from the US, are absolutely barred from subscribing, acquiring or redeeming. That bar alone rules the product out for the US mass-affluent clients Ketju’s advisors serve.
Review triggers
- A US-eligible offering or share class opens to the US clients Ketju's advisors serve
- The token contracts' freeze, blacklist, or force-redeem mechanism (or its absence) is independently confirmed from contract source, beyond the issuer's stated discretion
- The SEC registration statement becomes effective, turning this offshore exempt offering into a reporting-company security
- Confirmation of whether the closed SEC investigation concerned this specific product
Facts
- Verdict
- Not approved
- Type
- Tokenized real-world assets
- Chains examined
- Ethereum, BSC, Solana
- Reviewed
- Last confirmed