Robinhood CEO says OpenAI and SpaceX ‘stock tokens’ are derivatives rather than equity after pushback from Sam Altman’s firm

Robinhood CEO Vlad Tenev shared thoughts on the platform's latest stocks product after Sam Altman’s OpenAI scrutinized the brokerage’s plan to let European users claim tokenized exposure to the AI firm’s private shares.In a post on X early Thursday, Tenev called the promotion “a seed for something much bigger,” adding that “many private companies are eager to join us in the tokenization revolution.” He stressed that the tokens “aren’t technically equity” but still give retail investors a way to track valuations. “You can see the precise dynamics in our Terms,” he wrote. The brokerage’s webpage on these assets states that the stock tokens aren’t actual company equity, but rather blockchain derivative contracts that follow real share prices.Robinhood announced the giveaway at a crypto event in Cannes this week, noting that eligible EU customers would receive small bundles of OpenAI and SpaceX “stock tokens” minted on the Arbitrum blockchain. The firm plans to expand the tokenized product beyond the AI studio and Elon Musk’s aerospace company to more than 200 U.S. equities and private-company stakes. On Wednesday, OpenAI pushed back on the move, stating that it didn’t endorse or authorize any token representing its stock. Altman’s firm urged investors to review official filings before buying these instruments.As of June 2, Robinhood had minted approximately 213 of these stock tokens on Arbitrum, paying transaction fees of $5 for the rollout. The online trading venue also plans to introduce perpetual trading and staking in the U.S., and launch a Layer 2 network built on Arbitrum.Robinhood is one platform among a cast of service providers expanding into the tokenization of company shares and private equity. Firms like Bybit, Kraken, and Gate have also announced similar products, targeting non-U.S. investors.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.