OpenAI has publicly denied any involvement in recent tokenized equity offerings listed on Robinhood's European platform. In a statement posted to X, the AI company clarified, “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.”
Robinhood recently unveiled tokenized stock trading on the Arbitrum blockchain for its European users, offering access to 200 equities and ETFs, as well as secondary market exposure to high-profile startups like OpenAI and SpaceX. However, the legitimacy of these tokenized offerings remains in question.
The origin of the supposed OpenAI equity is unclear. Speculation points to possible indirect access via shares held by early investors. During a presentation, Robinhood CEO Vlad Tenev reportedly referenced a relationship with a wealthy investor holding OpenAI and SpaceX shares, which may still be under the investor's name — raising questions about the actual legal transferability of such equity.
This isn’t the first time tokenized shares in private firms have stirred controversy. In 2018, blockchain startup Swarm attempted similar offerings, prompting backlash from companies who claimed the sales were unauthorized, despite Swarm asserting they were based on legal secondary market deals.
Industry experts are warning investors of potential risks. Rob Hadick of Dragonfly noted on X that private companies are not obligated to recognize equity sold in unauthorized secondary transactions. “I expect this natural tension to result in more private companies just cancelling equity sales altogether for those who violate their shareholders' agreements,” Hadick stated.
Robinhood has not responded to requests for comment.
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