- OpenAI publicly disavowed Robinhood’s “OpenAI tokens,” stating “we did not partner with… and do not endorse it.”
- Robinhood’s tokens provide oblique publicity through a Particular Function Automobile (SPV), not direct fairness in OpenAI.
- Robinhood CEO Vlad Tenev defended the transfer as giving retail buyers publicity to non-public property.
OpenAI, the high-profile synthetic intelligence agency, has publicly disavowed a brand new effort by fintech firm Robinhood to supply “OpenAI tokens” to the general public, clarifying that these digital property don’t signify fairness within the firm.
This uncommon public rebuke comes as world monetary markets, together with cryptocurrencies like Bitcoin, navigate a posh panorama of latest commerce offers and chronic geopolitical dangers.
“We did not partner, we do not endorse”: OpenAI to Robinhood
In a transparent and direct assertion posted from its official newsroom account on the social media platform X, OpenAI sought to distance itself from Robinhood’s new providing.
“These ‘OpenAI tokens’ are not OpenAI equity,” the corporate said on Wednesday. “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’s pointed assertion was a direct response to Robinhood’s announcement earlier this week that it will start promoting so-called tokenized shares of OpenAI, SpaceX, and different outstanding personal corporations to people within the European Union.
Robinhood had framed the launch as an try and democratize finance, giving on a regular basis folks publicity to fairness in a number of the world’s most dear personal corporations through blockchain know-how.
The market reacted enthusiastically to Robinhood’s announcement, with its inventory worth hovering to an all-time excessive within the hours that adopted.
Nonetheless, as OpenAI’s assertion underscores, shares in personal corporations like itself and SpaceX are, by definition, not accessible to most people.
These corporations promote shares to buyers of their very own selecting, sustaining tight management over their cap tables.
OpenAI’s open disavowal of Robinhood’s effort highlights the numerous friction that may come up when the freewheeling world of crypto innovation collides with the extremely regulated and thoroughly guarded area of personal fairness.
What are buyers truly shopping for?
In response to OpenAI’s condemnation, Robinhood spokesperson Rouky Diallo instructed TechCrunch that the OpenAI tokens have been a part of a “limited” giveaway designed to supply retail buyers oblique publicity “through Robinhood’s ownership stake in a special purpose vehicle (SPV).”
An SPV is a separate authorized entity created for a particular goal, on this case, to carry shares of a non-public firm.
This clarification reveals the layered nature of the providing. Buyers should not shopping for direct shares in OpenAI, nor are they shopping for direct shares within the SPV.
They’re shopping for tokens whose worth is, not directly, tied to the OpenAI shares held inside that SPV.
It’s an vital distinction, as the worth of SPV shares can differ from the worth of the particular underlying inventory, and the worth of a token tied to these SPV shares can differ additional nonetheless.
In its personal assist heart, Robinhood notes that when shopping for any of its inventory tokens, “you are not buying the actual stocks — you are buying tokenized contracts that follow their price, recorded on a blockchain.”
Robinhood CEO Vlad Tenev, in a put up on X on Wednesday, acknowledged the technical distinction however defended the spirit of the providing.
“While it is true that they aren’t technically ‘equity,’ […] the tokens effectively give retail investors exposure to these private assets,” Tenev wrote.
Our giveaway vegetation a seed for one thing a lot larger, and since our announcement we’ve been listening to from many personal corporations which might be keen to hitch us within the tokenization revolution.
OpenAI declined to remark additional on the matter, and Robinhood didn’t reply to TechCrunch’s extra questions on its SPV.
This episode is a reminder that non-public corporations are sometimes extremely protecting of something that would affect how their fairness is valued.
In current months, as an illustration, humanoid robotics startup Determine AI despatched cease-and-desist letters to 2 brokers working secondary markets that have been advertising and marketing the corporate’s inventory with out authorization.
Most startups are eager to keep away from any public notion that they’ve licensed share gross sales after they haven’t.
Broader markets react to commerce and geopolitical information
Whereas this company drama unfolded, broader monetary markets have been digesting their very own set of advanced alerts.
Cryptocurrencies noticed a surge in optimistic sentiment. Bitcoin (BTC) jumped 3.6% over 24 hours to interrupt above $109,000, buoyed by sturdy quantity and enhancing world sentiment following the announcement of a US-Vietnam commerce deal, regardless of continued Center East tensions.
Ethereum (ETH) surged an much more spectacular 8.6% to $2,608, fueled by rising institutional curiosity.
In the meantime, HSBC raised its 2025–2026 gold worth forecasts to $3,215 and $3,125 per ounce, citing geopolitical dangers and robust investor demand, in keeping with Reuters.
Fairness markets, nevertheless, confirmed a extra blended response.
Within the US, the S&P 500 rose 0.47% to six,227.42 on Wednesday after President Trump introduced the US-Vietnam commerce deal, although a shock drop in June personal payrolls raised some financial issues.
In Asia, markets have been different on Thursday, with Japan’s Nikkei 225 down 0.15% as buyers awaited additional particulars on the identical commerce deal.
