OpenAI has publicly condemned Robinhood’s recent sale of “OpenAI tokens,” an initiative launched in the European Union by Robinhood.
According to Robinhood, the goal is to allow retail investors to gain access to equity in private companies through blockchain-based tokens.
However, OpenAI has stated that these tokens do not represent equity or ownership in the company.
It also emphasized that it played no role in creating or approving the sale.
“These ‘OpenAI tokens’ are not OpenAI equity,” the company wrote in a post on X. “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.”
This clarification came after Robinhood’s announcement that it would begin offering tokenized shares of OpenAI, SpaceX, and other private firms.
Private Shares Are Not Public Assets
Private companies, by definition, do not offer shares to the general public. They sell equity to selected investors through tightly controlled processes.
Robinhood’s new tokens are marketed as a way for individuals to gain exposure to companies like OpenAI.
However, this creates confusion, and many consumers may mistakenly believe they are purchasing real shares. In reality, that is not the case.
Robinhood’s Strategy Involves an SPV
Robinhood says it holds shares in a special purpose vehicle (SPV). That SPV owns shares in OpenAI.
The tokens, in turn, are tied to the value of that SPV, not directly to OpenAI.
In a statement to TechCrunch, Robinhood spokesperson Rouky Diallo called the initiative a “limited giveaway.”
He described it as a way for users to gain indirect exposure to OpenAI through Robinhood’s stake in the SPV.
Even so, the company has rejected the association. It stated clearly that no equity transaction involving its shares occurred with Robinhood’s approval.
Robinhood CEO Gets Defensive
Robinhood CEO Vlad Tenev defended the company’s actions. In a post on X, he explained that the tokens do not represent direct equity.
Instead, they give users a way to track the value of private assets. Tenev also described it as the start of a larger initiative.
He claimed many private companies had expressed interest in joining what he called the “tokenization revolution.”
Despite this optimism, OpenAI’s response remains firm. It has not partnered with Robinhood and does not support the offering.
Tokens Track Price, Not Ownership
Robinhood’s own help center confirms this. It states that when customers buy a stock token, they are not purchasing actual shares.
Instead, they receive a blockchain-based contract that follows the price of a real stock.
This model introduces risk. Investors may not fully understand the difference between tracking a stock’s price and owning a share of the company.
Value Control Over Equity
OpenAI’s swift reaction is not unusual. Private firms are known to protect how their equity is presented.
Any suggestion of unauthorized trading or valuation shifts can lead to legal or financial consequences.
Recently, Figure AI, a robotics startup, sent cease-and-desist letters to brokers promoting its stock without approval.
OpenAI’s public disavowal of Robinhood’s tokens follows the same pattern. These companies want to prevent misinformation about their ownership and structure.
