OpenAI has rebuked Robinhood’s new crypto token launch, warning investors the assets are not official shares in the company.
“These ‘OpenAI tokens’ are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it,” the company posted on X. OpenAI added that “any transfer of OpenAI equity requires our approval — we did not approve any transfer.” Robinhood had promoted the tokens to European users as a way to gain indirect exposure to private firms like OpenAI and SpaceX.
Robinhood’s stock soars after crypto token reveal
Robinhood’s stock surged past the $100 threshold to record highs after the company introduced tokenized shares of private firms during a product event in Cannes. This event headlined a broader push into crypto products, including staking and blockchain infrastructure.
Eligible European users were offered 5 euros worth of OpenAI and SpaceX tokens for signing up before July 7, while US users were excluded due to regulatory restrictions.
However, the rally quickly reversed course. Robinhood’s stock declined after OpenAI publicly denied any involvement and cautioned investors that the tokens did not represent legitimate equity stakes.
Musk mocks OpenAI’s equity claim
While OpenAI distanced itself from the token launch, SpaceX CEO Elon Musk took aim at the company instead. In response to the AI company’s post on X denying any equity transfer, Musk replied, “Your ‘equity’ is fake.” The comment did not address Robinhood directly, choosing instead to jab at OpenAI’s for-profit pivot.
The CEO made no mention of Robinhood’s sale of SpaceX tokens, and SpaceX has issued no public statement. Unlike OpenAI’s explicit denial, there has been no confirmation, or objection, regarding the legitimacy of tokenizing SpaceX equity, leaving its status uncertain.
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Tokens are exposure, not equity, says CEO
Robinhood CEO Vlad Tenev addressed the controversy on X, defending the company’s giveaway. He acknowledged the assets aren’t technically equity but argued they provide effective exposure to companies like OpenAI and SpaceX.
Tenev described the initiative as “a seed for something much bigger,” adding that since the launch, “many private companies” had expressed interest in joining Robinhood’s push to tokenize private markets.
Not everyone sees this tactic as harmless, though. Some investors caution that offering synthetic exposure without company approval could raise serious legal and contractual risks. Dragonfly General Partner Rob Hadick warned that such moves could prompt private companies to cancel equity sales entirely if shareholders’ agreements are violated.
Without buy-in from issuers, exposure could turn into exposure risk.
As Musk challenges OpenAI’s direction, Microsoft is pushing for a larger stake in the for-profit arm. Read more on the proposed deal and ownership talks.