Overview

• Robinhood has launched a limited giveaway of $5 worth of tokenized OpenAI and SpaceX shares for eligible European customers, with claims available until July 7.
• OpenAI issued a statement clarifying that the tokens are not company equity, were not approved by the firm, and carry no endorsement from the company.
• CEO Vlad Tenev said the stock tokens are derivative contracts recorded on a blockchain, backed by Robinhood’s stake in a special purpose vehicle, and do not confer voting rights or direct ownership.
• Legal analysts warn that the opaque SPV-based structure and scant disclosures could prompt SEC scrutiny in the U.S. over tokenized equity offerings.
• Elon Musk labeled OpenAI’s equity fake, and Robinhood’s shares experienced volatility following the public fallout.