Strategy Stretch Preferred (Ondo Tokenized) — Project Update

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Biggest Stories of 2025

• Ondo Bridge launch. Ondo introduced the Ondo Bridge for tokenized stocks and ETFs in collaboration with LayerZero, enabling cross-chain transfers of onchain securities between Ethereum and BNB Chain, live at launch with more than 100 tokenized equities and ETFs 4. (December 17, 2025)
• Ondo Global Markets on Solana announced. Ondo announced it will launch on the Solana network in early 2026, expanding its tokenized equity distribution to a new high-throughput chain 5. (December 15, 2025)
• SWEEP fund planned. State Street Investment Management, Galaxy Asset Management, and Ondo announced plans to launch SWEEP, a private tokenized money market fund for on-chain cash management, with Ondo's OUSG fund proposed as anchor investor with a $200 million allocation, targeting a Solana launch in early 2026 6. (December 11, 2025)
• SEC investigation closed. The U.S. Securities and Exchange Commission closed its multi-year investigation into Ondo Finance without filing charges; the probe had examined Ondo's tokenization of real-world assets and whether its ONDO token qualified as a security 7. (December 8, 2025)
• EU regulatory approval. Ondo Global Markets received approval from the Liechtenstein Financial Market Authority to offer tokenized stocks and ETFs to retail investors across the EU and EEA 1. (November 18, 2025)
• Chainlink partnership. Ondo selected Chainlink as the official oracle provider for its tokenized securities and positioned CCIP as the preferred cross-chain solution for traditional financial institutions 2. (October 30, 2025)
• BNB Chain deployment. Ondo Global Markets went live on BNB Chain via PancakeSwap, giving BNB Chain users access to over 100 tokenized U.S. stocks and ETFs 3. (October 29, 2025)
• Ondo Global Markets launch. Ondo Global Markets went live on Ethereum, enabling non-U.S. investors to trade tokenized versions of over 100 U.S. stocks and ETFs, with plans to scale to over 1,000 by year-end and expand to BNB Chain, Solana, and Ondo Chain 8. The platform acquires underlying assets through a U.S.-registered broker-dealer, with shares held by a regulated custodian, and tokens described as "total return trackers" that reinvest dividends 8. (September 3, 2025)
• Ondo Catalyst launch. Ondo announced Ondo Catalyst, a $250 million strategic investing initiative supported by Pantera Capital, aimed at spurring onchain capital markets and accelerating RWA tokenization 9. (July 3, 2025)
• Global Markets Alliance. Ondo announced the Global Markets Alliance, a consortium including the Solana Foundation, BitGo, and Fireblocks, to standardize and improve interoperability for tokenized securities ahead of the Ondo Global Markets platform 10. (June 2025)
• Ondo Monthly Spotlight: March 2025. Ondo surpassed $1 billion in Total Value Locked (TVL), a milestone in tokenized U.S. Treasuries adoption, while the broader tokenized treasuries market reached over $5 billion; Ondo also engaged in Washington policy discussions and global events promoting "Wall Street 2.0" 11. (April 1, 2025)
• Ondo Monthly Spotlight: February 2025. Ondo held its inaugural Ondo Summit in New York City, announcing the launch of Ondo Chain (a Layer 1 proof-of-stake blockchain for institutional-grade onchain financial markets) and Ondo Nexus (a liquidity initiative for tokenized Treasuries), a new visual identity, a collaboration with World Liberty Financial, a partnership with Mastercard's Multi-Token Network, and the appointment of Patrick McHenry as Vice Chairman 12. (March 1, 2025)
• Ondo Chain launch. Ondo launched Ondo Chain on February 6, 2025, a Layer 1 blockchain designed specifically for institutional asset tokenization, featuring an authorized validator network, an RWA-backed staking mechanism, omnichain bridging, and integrated Proof of Reserve systems 13. (February 6, 2025)
• Ondo Global Markets framework introduced. Ondo introduced Ondo Global Markets (Ondo GM), an RWA tokenization framework designed to enable onchain access to stocks, bonds, and ETFs, with tokens backed 1:1 by underlying assets and permissioning built into the distribution layer 14. (February 4, 2025)
• Ondo Nexus introduced. Ondo introduced Ondo Nexus, an initiative providing liquidity for third-party issuers of tokenized Treasuries, expanding OUSG's collateral backing to include tokenized Treasuries from Franklin Templeton, WisdomTree, Wellington Management, and Fundbridge Capital, and utilizing existing liquidity arrangements with entities such as BlackRock and PayPal 15. (February 3, 2025)
• ONDO token unlocking event. A significant unlocking event released over 1.9 billion ONDO tokens, allocated primarily to ecosystem growth and protocol development 13. (January 17, 2025)