OpenAI Disavows Tokenized Equity Listings on Robinhood’s European Platform

OpenAI has firmly denied involvement with tokenized equity offerings tied to its shares that have appeared on Robinhood’s European platform, stressing that no such transactions have been authorized by the company.

“Any transfer of OpenAI equity requires our approval — we did not approve any transfer,” the company declared in an official statement.

In a post on social media platform X, OpenAI clarified that the so-called “OpenAI tokens” being promoted are not legitimate equity stakes. “These ‘OpenAI tokens’ are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it,” the company stated.

The controversy arose after Robinhood announced earlier this week that it would launch tokenized stock trading on the Arbitrum blockchain for its European customers. As reported by CoinDesk, Robinhood’s new feature gives users access to 200 equities and ETFs, as well as secondary market exposure to shares in high-profile startups such as OpenAI and SpaceX.

“To cap off our recent crypto event, we announced a limited stock token giveaway on OpenAI and SpaceX to eligible European customers. These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson told CoinDesk.

The concept of tokenizing equity in private, non-public companies is not entirely new. Back in 2018, blockchain startup Swarm announced plans to offer tokenized shares in several startups — including Robinhood itself. At the time, CoinDesk reported that many of the companies named by Swarm denied authorizing such offerings. Swarm, however, maintained that the shares originated from “approved secondary market transactions.”

In Robinhood’s current case, the source of equity behind its tokenized offerings remains unclear. Speculation persists that these tokens might represent interests in shares that have already been acquired through authorized channels, a possibility hinted at by Robinhood’s CEO in recent statements.

Nonetheless, critics caution that companies like OpenAI and other private firms would be fully justified in refusing to recognize such transactions.

“I expect this natural tension to result in more private companies just cancelling equity sales altogether for those who violate their shareholders’ agreements,” Rob Hadick, General Partner at Dragonfly, wrote in a post on X.