Overview

• Robinhood has begun distributing tokenized contracts that mirror private-company share prices via its ownership stake in special purpose vehicles
• OpenAI and SpaceX have publicly disavowed the tokens, clarifying they carry no equity and were not approved by the companies
• Participation is restricted to eligible European users, with US customers barred under existing securities regulations
• Legal experts warn the opaque SPV structure could draw Securities and Exchange Commission scrutiny and require formal registration and disclosures
• Robinhood plans to build on this launch by migrating tokenized assets to its own Ethereum Layer-2 network as part of its broader crypto expansion