TLDR
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Robinhood soars on token launch, but OpenAI denies any affiliation.
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Tokenized OpenAI equity stirs hype—and sharp legal backlash.
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Robinhood defends private equity tokens amid OpenAI pushback.
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OpenAI disowns Robinhood tokens; legal questions swirl.
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HOOD hits record highs despite OpenAI warning over fake equity links.
Robinhood Markets, Inc. (NASDAQ: HOOD) surged 6.12% on July 2, closing at $97.98 before dropping 1.33% after hours. The price jump came after Robinhood announced the launch of tokenized contracts tied to private company equity, including OpenAI. Despite market enthusiasm, the announcement immediately drew backlash from OpenAI, which rejected any affiliation with the offering.
Robinhood Markets, Inc. (HOOD)
OpenAI Tokens Trigger Sharp Reaction
Robinhood rolled out tokenized contracts, allowing European users to expose themselves to shares of OpenAI through blockchain-based instruments. These tokens aim to track the value of equity in private firms via special purpose vehicles (SPVs). However, OpenAI responded by publicly rejecting the initiative and denying approval of any equity transfer.
OpenAI clarified that it never authorized Robinhood’s move and that no shares were transferred under its consent. The company emphasized that it did not partner with Robinhood and did not recognize the tokens as equity. OpenAI warned users against confusing the tokens with the company’s actual ownership.
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.
— OpenAI Newsroom (@OpenAINewsroom) July 2, 2025
Following OpenAI’s public response, concerns emerged over the legal standing and enforceability of the tokenized offering. Critics pointed out that SPV-based tokens can differ from actual equity value. Some raised the risk of private firms voiding secondary transactions that violate shareholder terms.
Robinhood Defends Blockchain-Based Offering
In response, Robinhood maintained that the tokens represent exposure through its stake in SPVs holding shares in companies like OpenAI. The firm described the launch as a step toward democratizing access to private markets using blockchain infrastructure. It stated that the tokens are not actual shares but contracts that follow price movements of underlying assets.
Robinhood CEO Vlad Tenev defended the offering on social media, claiming it gives users indirect access to high-growth private assets. He described the move as part of a larger push to build a tokenized market for private equity. A company spokesperson said this week’s offering was a limited giveaway aimed at educating users.
NEW: ROBINHOOD CEO VLAD TENEV SAYS “WHILE IT IS TRUE THAT THEY [STOCK TOKEN GIVEAWAY] AREN’T TECHNICALLY “EQUITY” (YOU CAN SEE THE PRECISE DYNAMICS IN OUR TERMS FOR THOSE INTERESTED), THE TOKENS EFFECTIVELY GIVE RETAIL INVESTORS EXPOSURE TO THESE PRIVATE ASSETS” pic.twitter.com/6JWVbIeOJ4
— DEGEN NEWS (@DegenerateNews) July 2, 2025
The company has not disclosed which SPVs are being used or how they acquired underlying equity. It also did not explain the legal structure ensuring price correlation between tokens and actual shares. The ambiguity has fueled further debate on transparency and regulatory oversight.
Stock Gains Amid Ongoing Friction
Robinhood’s stock soared to an all-time high as market interest surged following the token launch. Analysts credited the jump to excitement over access to exclusive equity, even as legal challenges loom. After-hours trading reflected a modest pullback as OpenAI’s statement circulated.
Shares of Robinhood have gained momentum over recent weeks as the firm explores new product verticals in blockchain and private equity. The tokenized assets initiative marks its latest move to differentiate itself in a competitive brokerage landscape. However, the company now faces scrutiny from private firms pushing back against unauthorized asset exposure.
The current friction highlights risks for platforms offering access to shares of private companies without formal approval. As more firms explore blockchain-based equity products, regulatory clarity and corporate cooperation will be critical. Robinhood’s next steps will determine whether this innovation grows or gets blocked by legal hurdles.
