On Wednesday, the AI company issued a warning after Robinhood distributed OpenAI-branded tokens to users in the EU. The tokens, worth $5, were given away as part of Robinhood’s entry into tokenized stock trading.
“We are not involved in this and do not endorse it,” OpenAI said. “Any transfer of OpenAI equity requires our approval — we did not approve any transfer. Please be careful.”
Key Takeaways
OpenAI denied any involvement in Robinhood’s token giveaways and warned users not to mistake them for real equity.
Robinhood distributed OpenAI and SpaceX-branded tokens to European users, offering indirect exposure via SPVs.
Elon Musk criticized the tokens, calling the offered equity “fake” and reiterated concerns over OpenAI’s corporate direction.
Robinhood launched a tokenized real-world asset platform and Layer-2 blockchain, aiming to open private markets to retail investors.
Robinhood also distributed SpaceX-branded tokens to eligible users. These tokens are described as giving “indirect exposure” to private companies, not actual ownership.
The tokens are issued via special purpose vehicles (SPVs) that hold stakes in the companies. Robinhood claims this gives retail investors a way into private markets typically closed off to them.
Musk Responds: “Your Equity is Fake”
Elon Musk, co-founder of both SpaceX and OpenAI, weighed in quickly.
“Your ‘equity’ is fake,” Musk posted on X.
Musk stepped down from OpenAI’s board in 2018. Since then, he has repeatedly criticized its direction. He’s accused the company of drifting from its nonprofit charter and has filed lawsuits over alleged misuse of charitable assets.
The giveaway is part of Robinhood’s broader launch of tokenized RWA trading.
The company revealed its plans in Cannes on Monday. It also announced a layer-2 blockchain network designed to support settlement of these new tokenized assets.
Robinhood first teased this move in May, with initial rollout limited to European users. No U.S. launch date has been confirmed.
Speaking at Consensus 2025, Robinhood Crypto GM Johann Kerbrat called the push a move toward “financial inclusion.”
Fractional Access to Private Markets
Robinhood’s tokenized offerings aim to fractionalize asset classes like private equity and private credit.
These markets are typically off-limits to most investors. Under EU and U.S. law, access is restricted to accredited investors — those with at least $1 million in liquid assets or qualifying income.
Robinhood argues that tokenization removes those barriers by letting retail investors buy small, fractional pieces instead of entire stakes.
The company says crypto can do more than just power speculation. It wants blockchain infrastructure to bridge traditional and digital finance.
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