Ondo Finance Pantera Capital Launch $250 Million Blockchain Fund Tether Expands Bitcoin Mining Venture With Adecoagro Robinhood Tokenized Shares Face Challenges From OpenAI

Ondo Finance and Pantera Capital have announced a joint venture to establish a $250 million fund. This fund, named Ondo Catalyst, is designed to support projects that bring real-world assets onto blockchain platforms. The initiative aims to invest in both equity stakes and crypto tokens in startups developing the infrastructure for tokenized finance and on-chain capital markets. According to Nathan Allman, the founder and CEO of Ondo, this move is part of a broader effort to upgrade the financial system by unlocking real-world utility for tokenized assets.

Tokenization, the process of converting conventional financial instruments like bonds, stocks, or property rights into digital assets on a blockchain, has gained significant traction. Major financial institutions such as Robinhood, Kraken, and Gemini have recently introduced trading for tokenized U.S. equities. Additionally, BlackRock and Franklin Templeton have issued tokenized money market funds, aiming for round-the-clock trading and instant settlement, which contrasts with traditional systems that can take days to process trades.

Tether, the company behind the world’s largest stablecoin, has expanded its involvement in bitcoin mining through a new venture with South American agribusiness Adecoagro. This collaboration aims to convert surplus renewable energy into digital assets. The pilot mining operation in Brazil will utilize excess power from Adecoagro’s facilities, which generate 230 megawatts across South America. This initiative could also lead Adecoagro to hold bitcoin on its balance sheet, marking a significant shift for a firm primarily focused on producing sugar, rice, and dairy. According to Mariano Bosch, Adecoagro’s co-founder and CEO, this project offers a way to stabilize energy pricing while gaining exposure to the potential upside of bitcoin. Tether has acquired a 70% stake in Adecoagro and has been investing in energy and mining projects.

Robinhood’s plan to offer tokenized private-company shares to retail investors has encountered challenges. OpenAI publicly cautioned that tokens offering exposure to its equity do not represent real ownership in the AI startup. Following OpenAI’s statement, shares of Robinhood Markets experienced fluctuations. OpenAI emphasized that any transfer of its equity requires approval and that the tokens were neither authorized nor endorsed by the company. Robinhood had launched its tokenized equity products earlier this week for European customers, positioning the move as a way for small investors to gain access to high-flying private firms without waiting for IPOs. However, these tokens do not confer legal ownership stakes or voting rights. Instead, Robinhood owns shares through special-purpose vehicles, with tokens acting as derivatives reflecting the value of those shares. A Robinhood spokesperson clarified that while customers do not technically own shares, the tokens provide exposure to the private market.