Robinhood Markets Inc. (NASDAQ: HOOD) saw its stock slide 3.6% on July 2 after OpenAI publicly distanced itself from newly launched “OpenAI tokens” being marketed to European customers via the Robinhood platform.
The controversy erupted after OpenAI posted a warning on X, making it clear that the tokens—which claim to offer equity exposure—are neither approved nor endorsed by the company. “We have not authorised any transfer of OpenAI equity,” the post stated. “Please exercise caution.”
Earlier in the week, Robinhood had launched a new feature targeting European users, allowing them to purchase tokens linked to high-profile private firms like OpenAI and SpaceX. These tokens do not represent actual shares but are marketed as offering exposure to a company’s financial performance, including potential dividends—though they carry no voting rights.
Robinhood CEO Vlad Tenev responded on X, clarifying that these tokens are backed by special purpose vehicles (SPVs) that hold equity in the target companies. He emphasised that the structure is designed to open up access to private market opportunities typically restricted to institutional investors.
“Token holders don’t technically own shares,” the company explained. “They hold digital instruments tied to SPV-owned equity, allowing them to participate in growth.”
The incident has reignited debate over the growing trend of tokenising real-world assets—especially equities—and whether current regulatory and legal frameworks are equipped to handle the complexities. OpenAI’s swift denial has added pressure on Robinhood to clarify its offering, while SpaceX has yet to issue a statement.
