OpenAI Denies Involvement in Robinhood’s Stock Token Giveaway

OpenAI confirmed on Wednesday that it has no partnership with Robinhood regarding the stock tokens the trading platform announced earlier this week.

On Monday, Robinhood revealed it would provide 5 euros worth of OpenAI and SpaceX tokens to eligible users in the European Union who sign up to trade stock tokens by July 7.

However, OpenAI, in a post on X, clarified that it does not endorse these tokens and is not involved in the initiative.

Robinhood’s Response and Limited Token Giveaway

A spokesperson from Robinhood responded by describing the token giveaway as a “limited” offer, made possible through the company’s stake in a special purpose vehicle (SPV), although details of this vehicle were not disclosed.

Stock tokens have generated interest as a potential way to transform securities investing. However, issuing tokens tied to private company shares presents significant challenges due to strict regulations on trading such shares.

SpaceX did not respond to Reuters’ request for comment regarding the situation.

OpenAI Disavows Stock Token Initiative

OpenAI made it clear that the sale of “OpenAI tokens” by Robinhood does not grant consumers any form of equity or stock in OpenAI.

The company stated in a post from its official newsroom account on X, “These ‘OpenAI tokens’ are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer. Please be careful.”

OpenAI issued this statement following Robinhood’s announcement that it would begin offering tokenized shares of OpenAI, SpaceX, and other private companies to individuals in the European Union.

Robinhood’s Perspective on Tokenized Shares

According to Robinhood, the initiative is designed to give retail investors access to equity exposure in some of the world’s most valuable private companies using blockchain technology.

Following the announcement of these token sales, Robinhood’s stock price surged to a record high.

However, shares in private companies like OpenAI and SpaceX are not publicly available. These companies retain the right to choose their investors, a key characteristic of private ownership.

In light of this, OpenAI has firmly disassociated itself from Robinhood’s project.

Robinhood Explains SPV Structure

In response to OpenAI’s rejection of the initiative, Robinhood spokesperson Rouky Diallo explained to TechCrunch that the OpenAI tokens were part of a “limited” giveaway, offering retail investors indirect exposure through Robinhood’s ownership in an SPV.

This indicates that Robinhood holds shares in a special purpose vehicle, which itself holds shares of OpenAI.

While the tokens are tied to the SPV’s holdings, they do not represent direct ownership of OpenAI shares. It is also possible for SPV share prices to differ from the price of actual company shares.

Robinhood’s Token Disclaimer

In its help center, Robinhood states that purchasing stock tokens does not equate to buying real company shares. Instead, buyers acquire tokenized contracts that track share prices and are recorded on a blockchain.

Robinhood CEO Vlad Tenev defended the initiative on X, saying, “While it is true that they aren’t technically ‘equity,’ […] the tokens effectively give retail investors exposure to these private assets.”

He added that the giveaway is just the beginning of a larger vision, noting that many private companies have expressed interest in the tokenization concept since the announcement.

Ongoing Concerns from Private Companies

OpenAI declined to provide further comment, and Robinhood did not respond to additional questions from TechCrunch about its SPV.

Private companies typically oppose any activity that could affect how their equity is perceived.

Recently, humanoid robotics firm Figure AI issued cease-and-desist letters to two brokers operating secondary markets promoting the sale of its stock.

While these situations differ, the common concern is that startups do not want to give the impression they have authorized share sales if they have not.

The situation between OpenAI and Robinhood underscores the tension surrounding the emerging market for tokenized securities and the challenges of balancing investor access with private company control.