BlackRock's strategy is on-chain, but its name is nowhere to be found. Yesterday, Ondo launched three tokens, and the allocations inside were made by BlackRock. Only sold to non-U.S. residents. Ondo's own disclosures made it clear: BlackRock only provides the strategy and stays out of everything else. But the management fees from the underlying funds still flow into its pockets. ONDO pumped 26% yesterday, while $BTC stayed flat at $84K. That 26% gain? None of it is in my portfolio. If it drops back to $0.45, I'll take another look. At this price? I'm not buying. #Crypto #BlackRock #ONDO #BTC