Robinhood Markets Inc. (NASDAQ:HOOD) came under fire on July 2, 2025, after OpenAI warned that newly offered “OpenAI tokens” are not actual shares in the company. The AI firm, led by Sam Altman, posted a statement on X, saying it did not approve or endorse the token deal offered to Robinhood customers in Europe.
“Any transfer of OpenAI equity requires our approval—we did not approve any transfer,” the company wrote on X, urging people to “please be careful.” Following the post, Robinhood’s shares dropped by as much as 3.6% in New York trading, just days after hitting a record high.
The tokens were introduced earlier in the week as part of a new Robinhood promotion. The offer promised customers in Europe access to equity “exposure” in private companies like OpenAI and SpaceX.
Robinhood claimed that while these tokens aren’t actual company shares, they allow retail investors to benefit from the company’s growth, including receiving dividends. However, token holders do not get voting rights.
Vlad Tenev, CEO of Robinhood, responded on X, saying, “The tokens effectively give retail investors exposure to these private assets.” He also explained that the company owns shares behind the scenes through special purpose vehicles (SPVs).
According to a Robinhood spokesperson, these tokens are tied to ownership in SPVs that hold the real equity. This setup is meant to let people gain access to private markets that are usually closed off.
“While we don’t technically ‘own shares,’ the tokens give customers exposure to the private market,” the company said in a statement. The tokens are not registered as actual stocks and exist more like digital representations of equity stakes. That makes them different from traditional shares that trade on public markets.
The reaction from OpenAI has sparked broader questions about tokenization, which is a rising trend in finance that blends blockchain and traditional equity. Experts say this method may give retail investors a taste of private companies, but it’s still unclear what they’re truly buying. As of now, representatives from SpaceX have not commented on the offering.
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