OpenAI has made it clear that Robinhood’s sale of “OpenAI tokens” does not give everyday consumers ownership or stock in the company. In a post on X (formerly Twitter), OpenAI stated that it was not involved in Robinhood’s efforts to sell tokenized shares of OpenAI, SpaceX, and other private companies. The company emphasised that any transfer of its equity requires its approval, which it did not grant in this case. OpenAI warned the public to be cautious about these tokens, stressing that they are not the same as owning actual shares in the company.
This statement comes in response to Robinhood’s announcement that it would begin selling tokenized shares to retail investors in the European Union. The platform claimed that its initiative would give everyday people indirect exposure to high-value private companies, like OpenAI, through blockchain technology. Shortly after the announcement, Robinhood’s stock price surged to an all-time high. However, the tokens being sold are not actual equity in OpenAI or SpaceX. Instead, they represent ownership in a special-purpose vehicle (SPV) that holds the shares, which differs from owning direct equity in the companies.
In response to OpenAI’s disapproval, Robinhood clarified that its tokenized shares were part of a limited giveaway to provide retail investors with exposure to private assets through its ownership in an SPV. However, Robinhood also explained that these tokenized contracts, while not equity, track the price of the private companies’ shares. CEO Vlad Tenev referred to the launch as part of a broader movement to revolutionize how private equity is tokenized and made accessible to the public.
While the tokens are designed to mimic the price of shares in private companies, they do not represent actual ownership of stock. This has sparked confusion over whether the tokens are a legitimate way to invest in private companies. The sale of tokenized shares has already raised questions about whether it could impact how these companies’ equity is valued, especially since private companies often work hard to control who can invest in their shares. In recent months, startups like Figure AI have sent cease-and-desist letters to brokers offering secondary markets for their stock, showing that many companies are wary of any unauthorised share sales.
Robinhood’s push to sell tokenized shares highlights the growing interest in alternative ways for retail investors to access private markets. However, OpenAI and other companies in the tech space are cautioning against misunderstanding these tokenized products as legitimate stock ownership. While Robinhood insists that the tokens offer valuable exposure to private assets, it remains unclear how these new offerings will impact the broader market and whether other private companies will follow suit.
