Robinhood Clarifies Tokenized Shares of OpenAI and SpaceX as Derivatives, Not Equity, Amid OpenAI Pushback
Robinhood is stepping into new territory with its tokenized stock offering—but not without raising some eyebrows. After unveiling plans to give European users blockchain-based exposure to private shares of companies like OpenAI and SpaceX, the trading platform found itself under scrutiny, including from OpenAI itself.
CEO Vlad Tenev addressed the concerns in a post on X (formerly Twitter) Thursday, saying the stock tokens are not actual equity, but rather blockchain-based derivative contracts.
"These tokens aren’t technically equity," Tenev explained. "But they offer a new way for retail investors to follow private company valuations." He described the launch as a “seed for something much bigger,” hinting at a broader vision for tokenizing private market exposure.
At our recent crypto event, we announced a limited Stock Token giveaway on OpenAI and SpaceX to eligible European customers. While it is true that they aren’t technically “equity” (you can see the precise dynamics in our Terms for those interested), the tokens effectively give…
— Vlad Tenev (@vladtenev) July 2, 2025
The tokenized assets are built on the Arbitrum blockchain and track the value of private company shares without representing ownership. Robinhood’s official product page reinforces that these are not real shares, but contracts mirroring price movements.
The initiative was announced at a crypto conference in Cannes earlier this week. Robinhood is giving eligible EU users small bundles of stock tokens tied to OpenAI and SpaceX, with plans to expand the offering to include over 200 U.S. stocks and private companies.
Robinhood Presents: To Catch A Token https://t.co/IUznxDhpbr
— Vlad Tenev (@vladtenev) June 30, 2025
However, OpenAI quickly distanced itself from the offering. The company, led by CEO Sam Altman, said it did not authorize any tokenization of its shares and cautioned investors to rely only on official documentation when considering investments. The AI firm emphasized it had no involvement with or endorsement of the Robinhood product.
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.
— OpenAI Newsroom (@OpenAINewsroom) July 2, 2025
Please be careful.
As of June 2, Robinhood had minted 213 of these tokens on Arbitrum, with rollout fees totaling around $5. The platform is also planning to bring perpetual trading, staking, and a Layer 2 network to the U.S. market in the near future.
Robinhood isn’t alone in pursuing the tokenization of equity. Other platforms like Kraken, Bybit, and Gate are developing similar offerings targeted at non-U.S. users. The trend reflects a growing interest in using blockchain to open up access to traditionally illiquid private markets—albeit in forms that stop short of true ownership.