- OpenAI has denied any involvement in Robinhood’s new tokenized equity offering, clarifying that the so-called “OpenAI tokens” do not represent actual company shares and were created without its approval.
- The statement raises legal and regulatory concerns around the legitimacy of tokenizing private company equities without direct authorization.
OpenAI has officially denied any involvement in Robinhood’s newly launched tokenized equity products, clarifying that it neither partnered with nor endorsed the platform’s offering of “OpenAI tokens.”
In a public statement issued Wednesday, OpenAI emphasized that these tokens do not represent actual shares in the company and that any legitimate transfer of OpenAI equity would require its explicit approval, which has not been granted.
The clarification comes in response to Robinhood’s announcement earlier this week at a tech event in Cannes, where the company unveiled a new blockchain-based product offering tokenized versions of over 200 equities, including shares of private companies like OpenAI and SpaceX.
Targeted at European Union investors, the product aims to democratize access to previously inaccessible assets by allowing users to trade fractional shares represented as tokens.
However, OpenAI quickly distanced itself from the announcement. In a post on the social platform X, the AI company stated:
“These ‘OpenAI tokens’ are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it.”
The statement also included a warning to potential investors, urging them to proceed with caution. OpenAI reiterated that any transfer of its shares requires formal approval, which was not obtained in this case. The move underscores growing concerns surrounding the legality and transparency of tokenized equities, particularly when it comes to privately held companies.
Robinhood, on its part, defended the product, explaining that its tokenized offerings are based on shares held through a special purpose vehicle (SPV). This structure allows Robinhood to track real-time equity prices on blockchain while offering users exposure through digital tokens.
The company positioned this as part of a broader mission to expand retail access to financial products, alongside new features like staking and crypto trading.
While the market initially reacted positively, Robinhood’s stock hit an all-time high following the launch, the controversy stirred by OpenAI’s denial has cast doubt on the legitimacy of these tokens. Legal experts point out that many private firms, including OpenAI, hold “right of first refusal” clauses that restrict the transfer or resale of shares without company consent.
The regulatory outlook for tokenized equities remains murky. Though SEC Chair Paul Atkins recently acknowledged the potential of tokenization to reshape finance, major industry groups like the Securities Industry and Financial Markets Association (SIFMA) have voiced concerns. SIFMA has urged the SEC to reject tokenized equity products that bypass transparent public offering processes.
As tokenization continues to blur the line between traditional and blockchain finance, OpenAI’s response serves as a critical reminder of the legal and ethical boundaries companies must navigate in the evolving world of digital assets.