Ondo Finance plans a direct subscription route for its OpenAI Private Market Note (OPAIPon), giving private clients another way to access the product alongside its active secondary-market trading.
The subscription period is expected to overlap with 24/7 spot trading on Ondo Perps, where OPAIPon trades against USD Coin (USDC).
Ondo’s public disclosures describe OPAIPon as an unsecured obligation issued by PM Issuer Co (BVI) Limited. The note gives holders exposure linked to OpenAI’s private-company value but no shares in the company. Any payment depends on a qualifying liquidity event and the issuer’s ability to pay.
OPAIPon became the first offering on Ondo Private Markets. It has described the platform as addressing high minimum investments and limited exit routes in conventional private markets. Market orders determine the note’s trading price, which may differ from OpenAI’s private valuation and any eventual payment, as EconoTimes’ earlier explanation of the note’s shareholder rights noted.
Direct subscriptions are planned to be available during the week of Nov. 2.
