OpenAI Disowns Robinhood’s Tokenized Equity Offering: “Not Authorized”

In Brief:

OpenAI denied any involvement with Robinhood's tokenized equity sales in Europe, calling them unauthorized.

Robinhood recently launched tokenized stock trading on Arbitrum, including access to equity in startups like OpenAI and SpaceX.

OpenAI has publicly disavowed a tokenized equity offering circulating on Robinhood’s European platform, asserting that the AI company did not authorize or endorse the sale. In a post on X, OpenAI clarified:

“These ‘OpenAI tokens’ are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it.”

The announcement follows Robinhood’s launch of a tokenized stock trading platform built on the Arbitrum blockchain, which gives European users access to 200 equities and ETFs, as well as tokenized stakes in private companies such as OpenAI and SpaceX.

While the tokenization of private company equity is not a new concept — with earlier attempts dating back to 2018 via startups like Swarm — the legal legitimacy of such offerings remains murky. In past cases, companies have pushed back on unauthorized token sales claiming interest in their equity.

In Robinhood’s case, it’s still unclear how the equity for startups like OpenAI was sourced. Robinhood’s CEO has suggested that these tokens may represent shares acquired from authorized secondary market transactions. However, OpenAI emphasized that any transfer of its equity must be approved by the company and no such approval has been given.

Industry observers have noted that OpenAI and similar startups are within their rights to invalidate or reject such unauthorized transfers. Rob Hadick, General Partner at Dragonfly, warned on X that this practice could lead more companies to restrict equity sales:

“I expect this natural tension to result in more private companies just cancelling equity sales altogether for those who violate their shareholders' agreements.”

Robinhood has yet to respond to CoinDesk’s request for comment.

The incident highlights the legal gray area surrounding tokenized equity in private firms, especially as blockchain platforms attempt to innovate around traditional securities and startup investing.

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