Robinhood Tokens and OpenAI Equity

Robinhood’s tokens offering equity in OpenAI are technically not equity, as confirmed by Vlad Tenev in a recent CNBC interview. These tokens are, however, backed by “Robinhood’s ownership stake in a special purpose vehicle.”

Earlier this month, OpenAI cautioned that the tokens offered by Robinhood do not equate to equity in the company. Any transfer of equity would necessitate OpenAI’s approval, which has not been granted.

Tenev stated on CNBC, “In and of itself, I don’t think it’s entirely relevant that it’s not technically an equity instrument. What’s important is that retail customers have an opportunity to get exposure to this asset.”

Robinhood follows a trend among platforms offering shares in pre-IPO companies through similar models. For instance, Linqto, which provided retail investors access via special purpose vehicles purchasing shares on the secondary market, has recently filed for bankruptcy. This situation raises questions about what its former customers, now creditors, truly own.

Among the companies connected to this matter is Ripple (XRP). Its CEO, Brad Garlinghouse, has publicly distanced Ripple from Linqto, tweeting, “We stopped approving more Linqto purchases on secondary markets in late 2024 amid growing skepticism.”

Read more: OpenAI Warns That Tokenized Equity Sale on Robinhood Is Unauthorized