OpenAI Says Robinhood’s Stock Token Was Launched Without Its Permission

Earlier this week, Robinhood announced a new set of features in Europe, including “stock tokens” — digital assets that track the value of major public and private companies. Among the tokens listed were ones tied to OpenAI and SpaceX. But according to OpenAI, it was never consulted or involved in the launch.

“These ‘OpenAI tokens’ are not OpenAI equity,” the company said in a post on X (formerly Twitter). “We did not partner with Robinhood, were 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.”

These “OpenAI tokens” are not OpenAI equity. We did not partner with Robinhood, were 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. — OpenAI Newsroom (@OpenAINewsroom) July 2, 2025

Robinhood has clarified that these tokens don’t represent actual shares. Instead, they’re linked to a special investment vehicle that holds stakes in the companies. That setup allows European retail investors to gain indirect exposure to firms like OpenAI — even though those companies are still private and don’t trade on the stock market.

“To cap off our recent crypto event, we announced a limited stock token giveaway on OpenAI and SpaceX to eligible European customers,” a Robinhood spokesperson said. “These tokens are enabled by our ownership in a special purpose vehicle.”

Robinhood CEO Vlad Tenev responded to OpenAI’s post, admitting the tokens aren't “technically equity,” but insisting they still give users meaningful exposure to private market value.

At our recent crypto event, we announced a limited Stock Token giveaway on OpenAI and SpaceX to eligible European customers. While it is true that they aren’t technically “equity” (you can see the precise dynamics in our Terms for those interested), the tokens effectively give… — Vlad Tenev (@vladtenev) July 2, 2025

The move comes as Robinhood tries to expand its presence in the European crypto and fintech space, offering new ways for everyday investors to participate in markets that have typically been closed off. But the backlash from OpenAI highlights the risks of using a company’s name or likeness in financial products without formal partnerships or clear consent.

Following OpenAI’s statement, Robinhood shares dropped roughly 2% in early trading, retreating from a record close of $97.98.

Also Read: SEC Closes Robinhood Crypto Investigation Without Action