OpenAI clarifies Robinhood tokens are not company equity

OpenAI issued a statement on Wednesday clarifying that the OpenAI tokens distributed by Robinhood to European Union users do not represent equity in the company.

"We are 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," the company stated.

Robinhood had distributed $5 worth of OpenAI and SpaceX tokens to eligible clients in the EU as part of its initiative to expand tokenised stock trading.

These tokens provide retail investors indirect exposure to private markets through Robinhood’s ownership in a special purpose vehicle, according to a Robinhood spokesperson.

"Your 'equity' is fake," declared Elon Musk, co-founder of OpenAI and SpaceX, responding critically on social media.

Musk left OpenAI’s board in 2018 and has since criticised the company’s shift from a nonprofit mission toward a profit-driven model.

He has filed lawsuits alleging OpenAI breached its charter and diverted charitable assets for private benefit.

Robinhood first announced plans to introduce tokenised stock trading for European customers in May 2025 but has not provided a timeline for a U.S. launch.

At Consensus 2025 in Toronto, Robinhood’s senior vice president Johann Kerbrat said the integration of tokenised real-world assets aims to promote financial inclusion.

Robinhood argues that tokenisation opens access to asset classes such as private equity, private credit, and commercial real estate investing, which are usually limited to accredited investors with at least $1 million in investible assets.

The company also announced the launch of its layer-2 blockchain network to facilitate tokenised asset trading during an event in Cannes, France.

"Crypto is much more than a speculative asset, it has the potential to become the backbone of the global financial system," Robinhood CEO Vlad Tenev remarked.