OpenAI has publicly distanced itself from Robinhood’s sale of so-called “OpenAI tokens,” stating clearly that these tokens do not represent equity or ownership in OpenAI.
This press release breaks down what happened, why OpenAI responded, and what this means for investors and the tech world.
OpenAI: “These Tokens Are Not Ours”
In a firm statement posted on its official newsroom account on X (formerly Twitter), OpenAI addressed the rising confusion over the “OpenAI tokens” being offered by Robinhood.
“These ‘OpenAI tokens’ are not OpenAI equity,” the company wrote.
“We did not partner with Robinhood, were not involved in this, and do not endorse it.”
OpenAI also emphasized that any transfer of its equity requires approval — and no such approval was given.
What Is Robinhood Actually Selling?
Earlier this week, Robinhood announced a new blockchain-based feature. It said it would begin offering tokenized shares of private companies, including OpenAI and SpaceX, to customers in the European Union.
The move is being framed as an effort to give retail investors indirect access to some of the world’s top private tech companies.
Here’s what that means in simpler terms:
- These are not real shares of OpenAI or SpaceX.
- Buyers get tokenized contracts that track the price of shares.
- These tokens are stored and managed on a blockchain.
- Robinhood offers them through a special purpose vehicle (SPV).
What’s an SPV — and Why It Matters
An SPV, or special purpose vehicle, is a legal entity used to hold investments. Robinhood says it owns shares in an SPV that, in turn, holds equity in OpenAI.
So, the tokens represent:
- Not actual OpenAI stock, but
- A stake in a fund that owns the stock.
That’s like owning a key to a safe that holds a note about another safe that holds the real asset.
Even then, OpenAI says it did not approve this structure.
The Market Reaction: Robinhood Stock Surges
Just hours after announcing the tokenized stock sale, Robinhood’s share price spiked to an all-time high. Investors seemed enthusiastic about the idea of fractional ownership in hard-to-access private tech companies.
Robinhood’s CEO Vlad Tenev weighed in on X:
“While it is true that they aren’t technically ‘equity,’ […] the tokens effectively give retail investors exposure to these private assets.”
He added that their token giveaway is just the beginning, with more private firms expressing interest in joining the movement.
Why OpenAI (and Others) Are Pushing Back
Private companies like OpenAI tightly control how their equity is bought, sold, and valued.
This isn’t the first time a private company has resisted attempts to trade or market their shares unofficially:
- Figure AI, a robotics startup, recently sent cease-and-desist letters to two brokers for unauthorized stock offerings.
- Companies are protective of how their valuations are portrayed publicly.
These moves help them avoid confusion, misrepresentation, and unwanted regulatory attention.
What Robinhood Says About the Tokens
In its help section, Robinhood explains:
“You are not buying the actual stocks — you are buying tokenized contracts that follow their price, recorded on a blockchain.”
These contracts mirror the price of shares but offer no direct ownership or voting rights.
So, investors don’t own part of OpenAI, even if the token price reflects OpenAI’s estimated value.
Key Takeaways
- OpenAI disapproves of Robinhood’s tokens and says they are not official or endorsed.
- Robinhood’s tokens are contracts, not actual shares — they are linked to shares in an SPV.
- SPVs don’t offer direct ownership of OpenAI or other companies.
- Robinhood’s stock soared after announcing the tokenized products.
- Private companies are pushing back, wanting to control how their equity is presented.
Final Thoughts
Robinhood is entering a new frontier by offering tokenized exposure to private equity, but it’s clear that not everyone is on board — especially not OpenAI.
For now, investors should:
- Understand what they’re buying.
- Read the fine print before joining token giveaways or blockchain-based contracts.
- Be cautious about assuming ownership in companies that haven’t given the green light.
This event highlights an ongoing clash between traditional equity control and new blockchain-powered finance models. And OpenAI has just drawn a clear line in the sand.
Summary for Quick Readers
| Topic | Details |
| Who’s involved | OpenAI, Robinhood |
| What happened | Robinhood launched “OpenAI tokens” for EU users |
| OpenAI’s response | Disavowed tokens, denied involvement |
| Token nature | Not equity, just contracts tied to share prices |
| Structure used | Special Purpose Vehicle (SPV) |
| Robinhood’s stance | Says tokens give exposure, not ownership |
| Industry context | Other startups also fighting unauthorized share sales |
| Investor takeaway | Proceed with caution — read all disclaimers |