OpenAI to Robinhood: That’s not our stock, bro
The post OpenAI to Robinhood: That’s not our stock, bro appeared on BitcoinEthereumNews.com.
AI giant OpenAI has taken to X to remind an excited crypto community that Robinhood’s much-hyped “stock tokens” don’t represent equity in the business. The post clarifies that Robinhood isn’t working in partnership with OpenAI, and the tokens are not endorsed, insisting that “we did not approve any transfer” of equity. These “OpenAI tokens” are not OpenAI equity. 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 Newsroom (@OpenAINewsroom) July 2, 2025 Read more: Robinhood wants US newborns larping into stocks Announced at the Ethereum Community Conference in Cannes this week, “stock tokens” give users access to tokenized versions of well-known stocks, as well as “shares” in private companies, OpenAI and SpaceX. The tokens are currently deployed on Ethereum L2 Arbitrum, though Robinhood has plans to launch its own purpose-built blockchain in the future. Observing the on-chain roll-out of the tokens, Coinbase’s Conor Grogan observed the deployer’s credentials as a true crypto-native degen. The Robinhood wallet that transferred the OpenAI tokens was funded by someone who lost $15k on Hyperliquid and minted a “Desperate Ape Wife” NFT for $500 in 2021 pic.twitter.com/sdIHwNz6PQ — Conor (@jconorgrogan) July 1, 2025 Read more: Exclusive: Coinbase’s Conor Grogan on how he’s reuniting users with lost crypto Tom Schmidt, of crypto-focused venture fund Dragonfly, dug into the small print behind the tokens, pointing out that it’s “pretty clear that you’re buying a *derivative* that is *not* redeemable for the underlying and not backed 1:1”. He also shot down comparisons to special-purpose vehicles in traditional finance, saying, “SPVs at least own the stock lol.” Crypto Twitter’s response was typically tongue-in-cheek Robinhood’s offering was likened by one X user to a scene…
Filed under: News - @ July 3, 2025 12:29 pm