Robinhood has been at the center of a controversy which saw the launch of tokenized shares of over 200 companies. These included private firms like OpenAI and SpaceX. But it was OpenAI that put out a quick refutation. They said they had in no way approved any equity transfer or token partnership with Robinhood. OpenAI issued OpenAI’s official denial, saying, “These ‘OpenAI tokens’ are not OpenAI equity. We didn’t partner with Robinhood… Please be careful with such unauthorized initiatives involving Robinhood tokenized shares.
The launch of the tokens in the EU on June 30, 2025 saw the introduction of the Arbitrum blockchain. New users received €5 of OpenAI and SpaceX tokens as a promotion. But found out is that the tokens only mimic stock prices. They don’t come with any of the rights that shares do. Robinhood terms them derivatives, not equity. They have structured them via a Special Purpose Vehicle (SPV) to reflect valuations, not ownership. It’s crucial for users to recognize that these might be unauthorized tokenized shares.
Robinhood’s Token Launch Faces Backlash
Industry players and legal professionals report that the initiative does not do enough to protect investors. Rob Hadick at Dragonfly reports that companies cancel share sales in the case of violation of shareholder agreements. Also, since these tokens don’t represent any equity, investors may end up with essentially nothing. This happens when companies fail to live up to their promises. This raises concerns about the unauthorized nature of Robinhood’s tokenized shares.
Regulatory resistance is on the rise. SIFMA asked the SEC to put a hold on tokenized equity issues via no-action letters. This in turn puts pressure for full public rule making. They present that these financial products are too complex to be left out of the regular regulatory review. They may constitute Robinhood’s unauthorized tokenized share agreements.
Robinhood CEO Vlad Teneva put forth the effort as a great trading revolution. However, its structure, which provides synthetic exposure without legal ownership, may face issues under U.S. securities law.
Tokenization Trend Or Ticking Time Bomb For Private Equity?
Robinhood’s entry into the market is at the front of an industry trend to turn real-world assets into tokens. They will be moving out of Arbitrum into their own Layer-2 chain very soon. By Q1 2025 they saw their crypto revenues double.They are also using private company names without permission, which may cause long-term issues due to unauthorized tokenized shares.
Unauthorized use of private shares will not be tolerated. As the SEC transitions into its new crypto policy with different leadership which is to come, this issue may play a role in the development of future rules surrounding tokenized equity. This potentially includes unauthorized Robinhood tokenized shares.
Retail investors excited by tokenized shares do so at their own risk. When what is put forth as equity isn’t, and companies say “we didn’t authorize this,” the risk goes beyond finance. It reaches into the very base of investment structure. This illustrates the danger of investing in unauthorized Robinhood tokenized share offerings.