09:30·Group review·Nathan Allman, Ian De Bode
Ondo Foundation
They have added five entities in sixteen months and are mid-negotiation on fees for
switching entities, last message yesterday. Two items have been waiting on them for over two
months, including a USD 108m wire. Four companies sit in their file that Leeward does not administer.
Since the last meeting
Call4 September · 38 min · Nathan Allman, Karina Baradin, Vanessa Sparrow
- Nathan flagged two more entities before year end, one in Panama and one in the BVI. noted
- Leeward to send a revised fee schedule for the whole group. sent 12 Sep
- Nathan asked whether the Tether account resolutions could be signed before the Marex wire goes out. still open, 88 days
Email11 threads in the last 10 days
- The revised fee schedule has been out since 12 September with no reply. Ask where it stands before discussing new entities.
- Ondo Global Panama is launching Spot CLOB and amending liquidity on Perps. Ask which entity will hold the new product.
- A USD 2m Grid Note drawdown is in flight with Flux Finance. Flux Finance is on the register with no documents of its own. Offer to administer it.
- UPDATED, fee proposals re: switching ONDO entities26 Sep · 3410
- Ondo Foundation, Josh Zimmer26 Sep · 3410
- Grid Note Drawdown, USD 2M, Flux Finance25 Sep · 5014
- OGP, Launch of Spot CLOB25 Sep · 5014
- Prior Amendments to Liquidity on Ondo Perps25 Sep · 5014
The group
| Entity | Client | Added |
|---|---|---|
| Ondo Foundation | 3410 | parent |
| Ondo Global Markets (BVI) Limited | 4622 | Jun 2025 |
| Ondo Global Panama Inc. | 5014 | Jun 2025 |
| Ondo Global (Cayman) Ltd. | 5022 | Dec 2025 |
| Ondo Operations (Cayman) SEZC | 5264 | May 2026 |
| Ondo USDY LLC | 5293 | Jun 2026 |
Unresolved
Fee proposals for switching entities
Ondo Foundation 3410 · last message 26 Septemberlive
Board resolutions to approve Tether account
Ondo Global Markets 4622 · no reply on the record88 days
Marex wire request, awaiting signature
Ondo USDY LLC 5293 · USD 108,000,61274 days
Grid Note drawdown, USD 2m
Ondo Global Panama 5014 · with Flux Financelive
Not yet clients
Pelagos Capital Limited
folder under Ondo Foundation, Statutoryopening
PM Issuer Co (BVI) Limited
folder under Ondo Foundation, Statutoryopening
Nami Industries Limited
folder under Ondo Foundation, Statutoryopening
Ceta Exploration (Cayman) Ltd.
two folders under Ondo Foundationopening
Flux Finance Inc.
client 4750 on the register, no documents of its ownopening
Commercial
| Billed, last 12 months | 184,500 USD |
| Outstanding | 23,400 USD |
| Oldest unpaid invoice | 41 days |
| Last invoice | 2 Sep 2026 |
From QuickBooks.
Counsel on the group
| Harneys | 136 threads |
| Carey Olsen | 17 |
| Ogier | 13 |
| Appleby | 3 |
Harneys introduced this group.
11:00·Introducer catch-up·Marc Kish
Harneys
Harneys is the firm's largest introducer and the flow is still growing: 1,673 threads so
far in 2026 against 1,432 in all of 2025. They are active on three matters this week. One client
they introduced, Bastion Management SPC, has an onboarding request that has been waiting.
Since the last meeting
Email9 threads in the last 10 days
- Three new matters opened this week with Quintessence Wealth, Mass Ave Global and 3iQ. Thank them, and ask what is in the pipeline for the quarter.
- Their flow has grown every year since 2023 except a dip in 2025. Worth asking what changed in 2025 before it repeats.
- September 29 Purchase, Quintessence Wealth Cayman26 Sep
- Mass Ave Global GP, LLC, A&R LLCA25 Sep
- 3iQ Investment Manager SEZC25 Sep
Work they have introduced
| Client file | Threads |
|---|---|
| Harbourview Trading Ltdclient 4754 | 362 |
| Vigil Ichor Master Fund, Ltd.client 4715 | 322 |
| Anata Foundationclient 3487 | 267 |
| Bastion Management SPCclient 4903 | 251 |
| DAX Partners L.P.client 3157 | 215 |
135 client files in all.
Unresolved
Onboarding KYB request, Bastion Management SPC
client 4903 · no reply on the recordwaiting
September 29 purchase, Quintessence Wealth Cayman
three messages this weeklive
Commercial
| Billed to introduced clients, 12 months | 1,240,000 USD |
| Clients introduced, last 12 months | 11 |
| Average first-year fee | 18,900 USD |
From QuickBooks.
Flow by year
| 2023 | 836 threads |
| 2024 | 1,552 |
| 2025 | 1,432 |
| 2026, to September | 1,673 |
15:00·New subsidiary·Paul Thomas
Somnia Foundation
They are coming to discuss a new subsidiary, and they already have four on the register
that Leeward does not administer. Two of them have no folder at all. Their file still sits under
the old group name, so anything arriving as Virtual Society lands in the wrong place.
Since the last meeting
Email6 threads in the last 10 days
- A managed services agreement with Hypersync is waiting on board approval and signature. Confirm which entity signs it before the meeting.
- They asked for a certified copy of a director passport on 24 September. Usually a sign that an account opening is under way somewhere.
- Updated certified copy of director passport24 Sep
- Signature required, Official Payment Memorandum23 Sep
- Board approval required, Hypersync Managed Services SLA23 Sep
Not yet clients
Somnia (BVI) TokenCo Ltd.
on the register · folder under Statutory, BVI Subsopening
Somnia TokenCo Ltd.
on the register · folder under Statutory, BVI Subsopening
Somnia (BVI) ServiceCo Ltd.
on the register · no folderno folder
Somnia ServiceCo Ltd
on the register · no folderno folder
Four subsidiaries, none with a client number of its own.
Unresolved
Hypersync managed services agreement
board approval and signaturelive
Their file sits under the former group name
Statutory / Virtual Society BVIto fix
Commercial
| Billed, last 12 months | 31,200 USD |
| Outstanding | 0 USD |
| Last invoice | 1 Sep 2026 |
From QuickBooks.
Known as
| Somnia Foundation | current |
| Virtual Society Foundation | former |
| The Metaversal Economic Foundation | former |