OpenAI Rejects Robinhood Token Offering as Not Company Equity

OpenAI said on 2 July that digital “OpenAI tokens” promoted by online broker Robinhood are not equity in the artificial-intelligence company and were launched without its knowledge or consent. “Any transfer of OpenAI equity requires our approval—we did not approve any transfer,” the San Francisco-based firm wrote, warning potential buyers to “please be careful.”

Robinhood announced the instruments on 30 June as part of a broader push to let European customers trade more than 200 tokenized U.S. stocks and ETFs around the clock. The broker offered eligible EU users a promotional allotment of tokens worth €5 apiece tied to privately held OpenAI and SpaceX. Chief Executive Officer Vlad Tenev later conceded the contracts are “not technically equity,” saying they give retail investors indirect exposure through a special-purpose vehicle that holds underlying shares.

The dispute triggered fresh scrutiny of efforts to put private-company stakes on-chain. Robinhood shares initially climbed as much as 13 % after the Cannes launch but pared gains once OpenAI publicly distanced itself from the product. Elon Musk, a former OpenAI co-founder and SpaceX chief, amplified the criticism, writing that the purported equity was “fake.” The clash underscores the legal and disclosure hurdles facing brokerages that seek to tokenize closely held assets without formal issuer approval.