OpenAI says Robinhood’s tokenized shares aren’t real equity

OpenAI has made it clear that Robinhood’s new crypto offering does not represent real equity in its company.

OpenAI took to X to warn users that “these ‘OpenAI tokens’ are not OpenAI equity,” stressing that the firm had no role in the rollout, no partnership with Robinhood, and does not back the tokenized shares.

Your “equity” is fake

— Elon Musk (@elonmusk) July 2, 2025

The statement went on to note that any genuine transfer of OpenAI stock would need the company’s direct sign-off, something it did not grant, and urged investors to “please be careful.”

Shortly after OpenAI’s warning, Elon Musk replied on X to the company’s post, writing, “Your ‘equity’ is fake,” further fueling debate over the legitimacy of tokenized shares.

Robinhood unveiled the tokenized shares on Monday in Cannes, France, as part of a broader showcase of its plans in digital assets. The product launch, which also covered staking services and new blockchain infrastructure, helped lift Robinhood’s share price past the $100 mark, setting a fresh record.

Robinhood defends tokenized shares as “indirect exposure”

In a reply to OpenAI’s notice, a Robinhood spokesperson explained that the tokens offer “indirect exposure to private markets” for retail clients. They added that this access is made possible by “Robinhood’s ownership stake in a special purpose vehicle”.

Under the new scheme, eligible users in the European Union who register to trade these tokenized equities by July 7 receive €5 worth of OpenAI and SpaceX tokens. These digital assets fall under Europe’s more flexible investor rules and trade on Robinhood’s crypto platform.

Johann Kerbrat, senior vice president and general manager of crypto at Robinhood, said the aim was to expand access and bring more people into private markets through tokenization.

The incident underscores a clash between crypto platforms trying to make investing easier and the companies whose names and shares they’re turning into tokens.

Investors in the United States remain barred from buying these tokens because of stricter domestic regulations. To date, the U.S. Securities and Exchange Commission has not given the green light for such products.

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