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Robinhood’s OpenAI Stock Tokens Backed by Shadow Investment Entity, Not Endorsed by OpenAI
Trading cards aren’t just for Pokemon anymore—now you can collect tokenized pieces of OpenAI on your phone. Robinhood launched these digital tokens to European retail investors on June 30, 2025, offering what they call democratized access to private AI companies. But there’s a catch that investors need to understand.
The tokens aren’t actual OpenAI shares. Instead, they’re derivatives backed by Robinhood’s special purpose vehicle (SPV), a shadow investment entity holding the real securities. Think of it like buying a receipt for someone else’s pizza slice rather than the actual slice. You get exposure to the value, but not the pizza itself.
OpenAI quickly responded with a public warning, stating they never approved this arrangement. The company emphasized that any equity transfer requires their permission, which they definitely didn’t give. It’s like someone selling tickets to your house party without asking—technically possible, but not exactly welcome. Elon Musk even weighed in on the controversy, critiquing OpenAI’s defensive stance on the tokenization initiative.
OpenAI never approved this arrangement and emphasized equity transfers require their explicit permission
This SPV model has raised eyebrows among regulators. The Bank of Lithuania and other European bodies are questioning whether these tokens blur the lines between derivatives and actual equity. Previous platforms using similar structures, like Linqto, have faced bankruptcy issues, leaving investors in difficult positions.
For retail investors, these tokens offer 24/5 trading on Robinhood’s platform, even outside regular market hours. The company gave away $1 million worth of tokens in promotions, making private company exposure accessible to users who normally couldn’t invest in OpenAI due to federal regulations. The tokenization aims to tap into a global crypto network, connecting traditional retail investors with the broader cryptocurrency ecosystem.
However, token holders don’t receive voting rights or official ownership claims.
Onchain data shows about 215 tokens have been issued on the Arbitrum Layer 2 network during the pilot phase. Robinhood CEO Vlad Tenev argues this democratizes investing, while critics worry about investor protection.
The bottom line? These tokens provide indirect exposure to OpenAI’s value through Robinhood’s holdings, not direct ownership. It’s a legal workaround that comes with risks. As crypto enthusiasts would say, “dyor” (do your own research) before deciding whether this innovative but controversial investment vehicle fits your portfolio. OpenAI’s warning speaks volumes about their stance on this unauthorized tokenization.
