Robinhood recently launched a free distribution campaign for tokens linked to private stocks such as OpenAI and SpaceX for users in the European Union, aiming to attract individual investors' interest in 'private markets' that are usually monopolized by large investors.
🛡️ OpenAI's response: "We have no connection to ownership rights"
OpenAI quickly issued an official statement via its account on X (Twitter), warning users about these tokens, saying:
> "These tokens are not shares of OpenAI. We did not collaborate with Robinhood, nor do we endorse this deal."
The statement also emphasized that any transfer of company shares requires prior approval, which did not happen here.
🎯 Robinhood's defense: "Indirect exposure to private markets"
Robinhood responded that it aims through these tokens to "provide exposure to private markets for individual investors" through a partnership with a private investment company (SPV), through which it holds shares that are delineated by the tokens.
CEO Vlad Tenev confirmed that these tokens are not actual shares, but encoded contracts that track the price fluctuations of company stocks, serving as a 'seed for a broader future'.
⚠️ What are investors actually buying?
The tokens here do not grant any voting rights or direct ownership in OpenAI or SpaceX, but merely a contract drawn on the blockchain that captures the prices of these stocks through the private company (SPV).
The difference: a price jump for these tokens does not necessarily mean exposure to the real value of the stocks, and investors remain 'far' from the original stocks two or three times over.
📉 The market responds and the legal implications
After OpenAI's statement, Robinhood's stock fell by about 3-4% from its peak, and many questions are currently raised regarding:
The legality of marketing tokens representing private shares without official authorization.
Private companies may refuse to recognize any unauthorized trading of their ownership rights.
Risks of misleading or misunderstanding among new investors.
💡 Why is this important?
Access to private assets is no longer restricted to large investors only – blockchain is turning the tables. But things are not without complications:
Lack of legal transparency (especially regarding what rights are owned in SPV).
Potential differences between Robinhood tokens and the real value of stocks.
Users' lack of accurate awareness of what they are actually buying.
📝 Inspiring summary
This issue is a new symphony between blockchain technology and financial innovation on one hand, and regulatory and credibility challenges on the other.
If you are considering buying tokens of this type:
Make sure to read the terms carefully.
Request clarification on the actual rights associated with the tokens – do they include profits or voting?
Don't assume they are like traditional stocks.
In this exciting journey towards democratizing private assets, wisdom and transparency are key.