The financial technology giant Robinhood recently dropped a bombshell in the European market by announcing the launch of tokenized stock trading services, with the most notable aspect being the tokenization of equity in unlisted companies such as OpenAI and SpaceX, allowing its European users to subscribe. This move aims to break the traditional barriers of private equity investment, enabling ordinary retail investors to share in the growth dividends of star companies. However, shortly after the announcement, OpenAI quickly issued a rebuttal, clearly stating, "These OpenAI Tokens are not OpenAI equity; we have not participated in, nor do we endorse this plan." This controversy has sparked a profound discussion in the market about whether "equity tokenization" is a breakthrough in financial innovation or a scam disguised as "equality."

Robinhood's tokenized stock trading service launched in the European market aims to disrupt traditional securities trading models through blockchain technology.

Tokenized US Stocks and ETFs: Robinhood allows users from 31 EU countries to trade over 200 tokenized US stocks and ETFs, including well-known companies like Nvidia, Apple, and Microsoft. The service features zero commissions and 24/7 trading, utilizing the Ethereum Layer 2 network to issue tokens, enabling real-time dividends and stock splits.

"On-chain brokerage" positioning: Robinhood's cryptocurrency application in Europe has transformed into a more comprehensive investment platform, positioned as an "integrated investment application driven by crypto," aiming to leverage blockchain and cryptocurrency technology to provide a wider range of investment options. CEO Vlad Tenev believes that converting traditional physical assets into digital tokens on the blockchain will completely revolutionize current trading methods, making them more accessible and efficient.

Private Equity Tokenization: The most controversial and attention-grabbing aspect is Robinhood's announcement to offer tokenized equity in private companies, with the first batch including tokens for OpenAI and SpaceX. This move aims to break the traditional model where investment in private companies is limited to institutions and high-net-worth individuals, allowing more retail investors to participate in the growth of star enterprises. Johann Kerbrat, Senior Vice President and General Manager of Robinhood's cryptocurrency division, stated that this addresses the historical inequality between those who could access such companies and others, allowing "everyone to participate now."

However, Robinhood's ambitious plans quickly faced a direct "slap in the face" from OpenAI. Shortly after Robinhood announced this service, OpenAI issued a statement clarifying:

Clear denial of authorization: OpenAI emphasized, "We have not participated in, nor do we endorse this service. Any transfer of OpenAI equity requires our approval—we do not approve any transfers. Please be cautious."

Essentially indirect equity: Robinhood responded by stating that these token circulation activities are limited to "qualified European customers," explaining that these tokens allow retail investors to "gain deeper access to private markets, thus opening up investment opportunities," all achieved through Robinhood holding equity in a Special Purpose Vehicle (SPV).

This reveals the essence of "tokenized equity": it does not equate to equity itself but is a type of on-chain contract product anchored to stock performance. What users purchase is not OpenAI stock or shares of the SPV, but a token contract based on OpenAI's stock price performance. Robinhood clearly states in its help documentation: "What you purchase is not real stock, but a contract recorded on the blockchain." Legally, these tokens do not possess any voting rights, information rights, nor do they represent actual ownership of OpenAI. They are more like a "valuation tracker," similar to structured products in over-the-counter trading.

After OpenAI's statement was released, Musk commented on the X platform: "Your equity is fake," directly questioning the authenticity of this tokenized equity. Musk's grievances with OpenAI have a long history; he left the OpenAI board in 2018 and has consistently criticized the company for shifting from a non-profit model to a profit-first model, even filing a lawsuit accusing OpenAI of violating its charter.

Behind this controversy lies a deeper struggle over equity pricing and market access. Some unlisted companies (like Figure AI) have sent cease-and-desist letters to brokerage platforms promoting their stocks in the secondary market, fearing that lower-priced secondary market trading could impact their upcoming financing rounds. This "tokenized equity" model, while breaking down barriers for retail participation, may also touch sensitive nerves regarding companies' control over equity pricing and ownership.

The launch of tokenized stocks is significant, especially the opening of equity in unlisted companies like OpenAI and SpaceX, attempting to break the traditional barriers that limit private company equity investment to institutions and high-net-worth individuals, allowing more investors to share in the growth potential of unlisted star enterprises.

However, potential issues are also evident:

Regulatory uncertainty: The biggest challenge is that the U.S. still lacks a clear regulatory framework, which may lead to legal and compliance uncertainties.

Investor misunderstanding: OpenAI's statement highlights the complexities of legal and rights recognition regarding tokenized private equity. Although Robinhood emphasizes that these tokens provide "indirect" access to private markets, the relationship between them and actual equity still needs clearer definitions to prevent investor misunderstandings.

Authenticity and trust: Experts like Matt Levine have pointed out that tokenization could become a "shortcut" to evade traditional disclosure rules, raising concerns about investor protection and market transparency.

Robinhood's launch of on-chain US stocks and tokenized equity in unlisted companies is undoubtedly a bold attempt at financial innovation, aiming to promote inclusive finance. However, OpenAI's swift denial and the skepticism from figures like Musk expose the complexities of "equity tokenization" regarding legal status, rights recognition, and market communication. This controversy is not only a clash between technological innovation and traditional regulation but also a profound discussion about balancing financial democratization and investor protection. The future development of tokenized stocks will require a more robust regulatory framework to ensure investor rights and market stability to truly realize its potential to disrupt traditional financial landscapes.

Related: Gate, Robinhood, and Bybit all enter the fray: What makes US stock tokenization make a comeback?

Original article: “Robinhood's Tokenization of OpenAI Equity Sparks Controversy: Altman Denies Authorization, Musk Calls It 'Fake Equity'”

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