Ondo opens in-kind stock tokenization and issues three portfolio tokens on BlackRock strategies
Ondo Finance began in-kind minting of tokenized stocks and launched three portfolio tokens built on BlackRock strategies, open only to eligible non-US investors.
Why it matters
The in-kind route removes the cash leg institutions previously had to supply to build tokenized inventory, which is the practical obstacle to scaling tokenized equities at size. BlackRock supplies the model allocations while Ondo issues the tokens, and the products are closed to US investors for now, so this adds a wrapper category rather than a change in who owns the underlying securities. How much of Ondo's rollout the three tokens cover is unclear, since only CoinGape reports a wider set of seven portfolios.
Where the sources disagree
What the portfolio tokens give holders
economic exposure to a weighted basket, no rights in the underlying funds or securities
CryptoSlate
exposure to the assets in the portfolios, with self-executing software buying the underlying shares
CoinGape
CryptoSlate reads Ondo's disclosure as basket exposure with no fund interest, while CoinGape describes investors as gaining exposure to portfolio assets as software buys the underlying shares.
How many tokenized model portfolios Ondo launched
seven tokenized model portfolios rolled out, three of them from BlackRock
CoinGape
three portfolio tokens launched, all BlackRock-strategy based
Crypto.News, CryptoSlate, Bitcoin Insider
Only CoinGape reports a seven-portfolio rollout, while Crypto.News, CryptoSlate and Ondo's own release describe three BlackRock-based tokens.
Size of the ONDO price move after the portfolio launch
near $0.497, up about 18% over 24 hours
Crypto.News
up 26.73%, with spot volume up 276.89%
Crypto News (CryptoNews.net)
The two figures cover different windows, with the 18% gain measured on Sept. 24 and the 26.73% gain reported in a later report.
Key facts
Ondo Finance launched in-kind minting and redemption of tokenized stocks and ETFs for approved institutions, using internal book transfers from their Alpaca accounts instead of cash, live on Ethereum and BNB Chain with case-by-case access.
Reported by Cointelegraph
CryptoSlate, citing Ondo's legal disclosure, reports that each portfolio token is a separate security issued by Ondo Global Markets (BVI) Limited giving economic exposure to a weighted basket with no right to the underlying funds or securities, while BlackRock Fund Advisors supplies the model allocations.
Disputed figureReported by CryptoSlate
The portfolio tokens are limited to eligible investors outside the United States, and CryptoSlate says only onboarded non-US holders can redeem directly with Ondo while other holders depend on secondary-market buyers.
Reported by Crypto.News
RWA.xyz data cited by Crypto.News put Ondo's distributed assets at $3.63 billion across 441 products as of Sept. 22.
3,630,000,000 USDReported by Crypto.News
Crypto.News put ONDO near $0.497 on CoinGecko and up about 18% over 24 hours on Sept. 24, while Crypto News later reported a 26.73% price rise alongside a 276.89% increase in spot volume.
26.73 %Disputed figureReported by Crypto.News
What happened
Ondo Finance gave approved institutions a route to mint and redeem tokenized stocks and ETFs against the underlying shares rather than cash, using internal book transfers from Alpaca accounts, and Crypto.News and NewsBTC report the service is live on Ethereum and BNB Chain with access granted case by case to institutions approved by Alpaca; Ondo says the change can cut the extra capital institutions must post and reduce timing mismatches. A separate NEAR partnership put 20 Ondo Stocks products on near.com — Tesla, Nvidia, Apple, Microsoft, Amazon, QQQ, SLV and IAU among them — fundable with USDC or Bitcoin, with NEAR Intents routing across more than 30 networks, and Crypto.News reports US persons cannot use Ondo Stocks. On Sept. 24 Ondo launched what it calls Ondo Intelligent Portfolios, BLKHIon for high income, BLKDIGon for diversified growth and BLKGRWon for high growth, built on strategies BlackRock developed for Ondo and issued by Ondo Global Markets, limited at first to eligible investors outside the United States. Outlets describe the legal structure differently: CryptoSlate, citing Ondo's own legal disclosure, says each token is a separate security issued by Ondo Global Markets (BVI) Limited giving economic exposure to a weighted basket with no right to the underlying funds or securities, with BlackRock Fund Advisors only supplying model allocations, while CoinGape, citing a Wall Street Journal report, writes that investors gain exposure to portfolio assets as software buys the underlying shares. CoinGape also says Ondo rolled out seven tokenized model portfolios in total, a count that the other outlets covering the launch do not mention. Rounding out the picture, RWA.xyz data cited by Crypto.News put Ondo's distributed assets at $3.63 billion across 441 products as of Sept. 22, one syndicated report puts Ondo Stocks TVL above $1 billion with $26 billion in cumulative trading volume, and reported price moves differ — Crypto.News had ONDO near $0.497 and up about 18% over 24 hours on Sept. 24, while Crypto News later cited a 26.73% rise with spot volume up 276.89%.
How the story developed
- First report
First report by Cointelegraph
Ondo lets institutions convert stocks directly into tokenized shares
- Update
Ondo introduces in-kind conversion of stocks and ETFs for institutions
Approved institutions can transfer shares from Alpaca accounts to Ondo and receive Ondo Stocks tokens onchain, or redeem tokens back to the underlying shares.
- Independent corroboration
Independently corroborated by Crypto.News
Ondo Finance launches in-kind tokenized stock conversion
- Official statement
NEAR and Ondo bring 20 Ondo Stocks assets to near.com
Eligible users can buy tokenized US stocks, ETFs and commodity-linked products with USDC or Bitcoin, with NEAR Intents handling cross-network routing.
- Update
CoinGape cites WSJ on a seven-portfolio model rollout
The report describes a wider Ondo rollout of seven tokenized model portfolios, three of them built on BlackRock strategies.
- Official statement
Ondo launches Ondo Intelligent Portfolios
Three transferable onchain tokens — BLKHIon, BLKDIGon and BLKGRWon — go live on BlackRock-developed strategies, available to eligible non-US investors.
- Update
CryptoSlate details the token structure and redemption terms
Each token is a separate security issued by Ondo Global Markets (BVI) Limited, and direct redemption is limited to onboarded non-US investors.
- Update
Crypto News reports the ONDO price and volume reaction
The report cites a 26.73% price rise and a 276.89% jump in spot volume, and flags a risk around the move.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 21 Sept 2026, 18:35 UTC: Cointelegraph — 1 independent source, 1 reports
- 22 Sept 2026, 05:21 UTC: Crypto.News — 2 independent sources, 2 reports
- 22 Sept 2026, 15:39 UTC: Crypto News (CryptoNews.net) — 3 independent sources, 3 reports
- 22 Sept 2026, 18:06 UTC: CoinGape — 4 independent sources, 4 reports
- 23 Sept 2026, 11:30 UTC: NewsBTC — 5 independent sources, 6 reports
- 25 Sept 2026, 05:20 UTC: CryptoSlate — 6 independent sources, 11 reports
Affected entities
Also mentioned: Tesla, USD Coin, Solana, TRON, Chainlink, Binance, Goldman Sachs
Original sources
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