OpenAI Distances Itself From Robinhood’s Tokenized Shares

In an unexpected turn, **OpenAI** has publicly stated it has no affiliation with **Robinhood**’s newly announced “OpenAI tokens,” creating uncertainty for investors considering the novel offering.

OpenAI Denounces Tokenized Shares

**OpenAI** is making it abundantly clear that **Robinhood**’s sale of what they are calling “OpenAI tokens” does not equate to ownership in the company. The artificial intelligence research and deployment company also stated that they neither endorse nor are involved in the sale.

In a post on X, **OpenAI**’s newsroom account stated on Wednesday, “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.” The company urged caution.

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

Robinhood’s Tokenized Stock Offering

**Robinhood** had announced earlier in the week that they would begin offering tokenized shares of private companies like **OpenAI** and **SpaceX** to customers in the European Union. The company touted the move as a way to democratize access to equity in high-value private firms.

Following the token sales announcement, **Robinhood**’s stock reportedly reached an all-time high. However, direct investment in private companies remains limited to select investors.

Robinhood Defends the Tokens

Following **OpenAI**’s statement, **Robinhood** spokesperson **Rouky Diallo** explained that the tokens were a limited offering meant to give investors indirect exposure by way of **Robinhood**’s stake in a special purpose vehicle (SPV).

Essentially, **Robinhood** owns shares of an SPV that possesses a portion of **OpenAI** shares. As such, the tokens are linked to the value of **OpenAI** shares within that SPV. It’s important to note that SPV share prices can diverge from actual stock prices.

According to **Robinhood**’s help center, buyers of these stock tokens are “not buying the actual stocks — you are buying tokenized contracts that follow their price, recorded on a blockchain.”

“While it is true that they aren’t technically ‘equity,’ […] the tokens effectively give retail investors exposure to these private assets,” stated **Robinhood** CEO **Vlad Tenev** in a post on X. **Tenev** added, “Our giveaway plants a seed for something much bigger, and since our announcement we’ve been hearing from many private companies that are eager to join us in the tokenization revolution.”

While it is true that they aren’t technically “equity,” […] the tokens effectively give retail investors exposure to these private assets. Our giveaway plants a seed for something much bigger, and since our announcement we’ve been hearing from many private companies that are eager to join us in the tokenization revolution.

— Vlad Tenev (@vladtenev) July 2, 2025

Precedent for Private Company Pushback

Private firms often resist any actions that could impact their equity valuation. For example, earlier this year, humanoid robotics startup **Figure AI** issued cease-and-desist letters to brokers facilitating secondary market trading of its stock. Similarly, companies generally prefer to maintain control over authorized share sales. According to a recent survey, approximately 60% of private companies have taken legal action to prevent unauthorized secondary market activity (Global Legal Chronicle 2024).

**OpenAI** has declined to comment further, and **Robinhood** has not yet responded to inquiries regarding its SPV.