Robinhood Markets Inc. (HOOD) fell on Thursday after OpenAI denied that Robinhood’s token shares of OpenAI were equity in OpenAI.
Shares of Robinhood fell nearly 6% to an intraday low of $92.11. The stock has recovered slightly and is trading around $93.
Robinhood’s shares had risen 6% and hit an all-time high of $100.88 on Wednesday after it announced the launch of the token in France.
OpenAI disavows tokenized shares
Shortly after Robinhood’s announcement from Cannes, France on Monday, OpenAI issued a strong statement on X, distancing itself from the offering.
“These ‘OpenAI tokens’ are not OpenAI equity,” the company wrote. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”
OpenAI further emphasized that any transfer of its equity requires prior approval—approval it had not granted.
These “OpenAI tokens” are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer. Please be careful.
The company warned investors to exercise caution, highlighting concerns about the use of its brand and the potential for investor confusion.
Robinhood launches tokenized shares in Europe
Robinhood’s new offering forms part of a broader initiative to expand its crypto operations in international markets.
Announced during its product showcase in Cannes, the company revealed that its EU crypto app now offers more than 200 tokenized stocks and ETFs, tradable 24/5 with no commission or spread.
To promote the rollout, Robinhood offered eligible EU users €5 worth of OpenAI and SpaceX tokens for signing up before July 7.
According to the company, these assets are issued under Europe’s more flexible investment rules via a special purpose vehicle (SPV), which allows for indirect exposure to private firms without breaching regulatory constraints.
“These tokens give retail investors indirect exposure to private markets,” a Robinhood spokesperson replied to OpenAI’s post. “They are enabled by Robinhood’s ownership stake in a special purpose vehicle.”
The tokenized shares are held in Robinhood’s crypto custody wallets and distributed to user accounts, alongside the debut of its new layer-2 blockchain built on Arbitrum.
The firm allocated $1 million in OpenAI tokens and $500,000 in SpaceX tokens to support the campaign.
Regulatory barriers for US users
While Robinhood moves aggressively in Europe, US users remain locked out of the tokenized equity offering due to tighter regulatory rules.
Accredited investor requirements and other SEC restrictions have historically prevented broader access to private equity markets, even in tokenized form.
Robinhood CEO Vlad Tenev has publicly called for changes to these restrictions, arguing that blockchain-based solutions could democratize access to private investment opportunities.
“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”
The company also announced the return of staking features for Ethereum and Solana in the US, signaling a renewed attempt to bring yield-bearing crypto products back into a market where regulatory oversight remains tight.
The clash with OpenAI highlights a broader tension between innovation in tokenized finance and the rights of companies to control how their assets and reputations are used.
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