Robinhood has launched a bold new product aimed at European users: tokenised shares of private companies, including OpenAI and SpaceX. During a presentation in Cannes, CEO Vlad Tenev revealed these “stock tokens” as part of the company’s expansion into blockchain-backed financial products.
These tokens, tracked on a blockchain, aim to mimic the price movements of shares in popular firms—offering exposure without conferring traditional ownership rights.
OpenAI Pushes Back
Not everyone is on board. OpenAI swiftly and publicly rejected any association with Robinhood’s offering. In a direct post on X, the company clarified that it had not partnered with Robinhood and did not authorize the sale of any equity in tokenised form.
“These ‘OpenAI tokens’ are not OpenAI equity,” the statement said. “Please be careful.” OpenAI emphasized that any equity transaction involving the company requires prior approval, which had not been granted.
What Are Robinhood’s Stock Tokens?
According to Robinhood, these stock tokens are not actual shares—they’re derivative contracts that follow the performance of publicly traded stocks or high-profile private firms. While this setup skirts some regulatory barriers, it also means token holders don’t get voting rights or dividends.
The structure is similar to products offered by platforms like Kraken, where tokenised assets simulate ownership without providing legal equity stakes.
A Regulatory Gray Area
This move into private equity exposure via tokens raises eyebrows among legal experts. Private companies like OpenAI and SpaceX typically keep tight control over who owns their shares, and tokenisation efforts like Robinhood’s may test the boundaries of securities regulations.
The offering is also a reminder of how fintech firms continue to push into underregulated territory—leveraging crypto infrastructure to offer new investment vehicles without the full weight of traditional compliance obligations.
Democratising Access or Blurring Lines?
One of Robinhood’s goals is to open the door for retail investors to access companies previously limited to venture capital and private wealth circles. But the backlash illustrates the friction between access and legitimacy.
While the tokens may offer financial exposure, they don’t offer ownership. That distinction may be lost on casual investors unless clearly explained—and the risk of confusion is substantial.
Looking Ahead
As Robinhood pushes further into crypto and blockchain territory in Europe, it’s likely we’ll see more regulatory scrutiny and more responses like OpenAI’s. For now, the company remains committed to expanding its crypto offerings, including tokenised US equities, staking, and perpetual trading.
Whether this latest controversy will slow that momentum—or simply ignite further innovation—remains to be seen.
