Tokenized equity offerings for OpenAI are reportedly being offered to Robinhood users in Europe without official authorization from the company, OpenAI stated in a social media post. OpenAI clarified that these...
Tokenized equity offerings for OpenAI are reportedly being offered to Robinhood users in Europe without official authorization from the company, OpenAI stated in a social media post.
OpenAI clarified that these ‘OpenAI tokens’ are not equivalent to OpenAI equity. The company did not collaborate with Robinhood for this initiative, was not involved in the process, and does not endorse it. Any transfer of OpenAI equity necessitates approval from the company, which they did not grant in this case.
Recently, Robinhood announced the launch of tokenized stock trading on the Arbitrum blockchain for its European users. This offering includes 200 equities and ETFs, as well as a secondary market for equity in prominent startups such as OpenAI and SpaceX.
Robinhood’s spokesperson shared that the stock token giveaway for OpenAI and SpaceX was introduced to eligible European customers during their crypto event. These tokens provide retail investors with indirect exposure to private markets, facilitated by Robinhood’s ownership stake in a special purpose vehicle.
The concept of tokenized equity in pre-IPO companies is not entirely new. In 2018, Swarm, a blockchain startup, announced its intention to offer tokenized shares in various startups, including Robinhood. However, some companies mentioned by Swarm denied authorization for such sales, although Swarm asserted that all transactions were approved secondary market activities.
Examining Robinhood’s current tokenized offering, the source of equity remains ambiguous. Speculation suggests that the equity may represent interests in OpenAI shares obtained through authorized channels, based on statements made by Robinhood’s CEO.
Some individuals have cautioned that OpenAI and other startups have the prerogative to refuse to honor unauthorized sales. Dragonfly General Partner Rob Hadick shared his view that the tension arising from such situations may lead private companies to cease equity sales for those breaching shareholder agreements.
It is important to note that updates may follow, as the situation continues to develop.
