Robinhood’s Venture Fund I has invested $75 million in OpenAI to provide retail investors with indirect exposure through tokenised instruments.
The fund said the shares will underpin venture tokens that allow users to track OpenAI’s valuation without directly owning private equity in the company.
The investment is “one of RVI’s largest investments to date,” said Sarah Pinto, adding that the structure is designed to broaden access to private markets.
Shares of the fund rose more than 14% to $27.85 following the announcement, reflecting investor interest in tokenised exposure to high-profile private companies.
However, the model has drawn scrutiny after OpenAI previously clarified it did not authorise similar tokens and that such instruments do not represent actual equity ownership or shareholder rights.
Market participants have also raised concerns about the legal structure, noting that token holders have no voting rights, no claim on company assets and limited access to financial disclosures.
The initiative forms part of Robinhood’s broader push into tokenised assets, particularly in Europe, as it explores new ways to offer retail investors exposure to traditionally restricted private investments.