After acquiring a small amount of Class A shares from OpenAI & SpaceX through a Delaware SPV, Robinhood mints a 1:1 ERC-20 reference token on Arbitrum, offering 24×5 zero-commission trading exclusively in the EU crypto app, and airdropping €1.5 million──retail investors can bet a few dozen euros on the 'shadow stocks' of the two major unicorns.

At the same time, it seizes IPO pricing power, democratizes private equity, and gets caught in a rare vacuum as U.S. regulations shift + the MiCA sandbox.

In the short term, the token can only be accounted for in Robinhood, with plans to migrate to a self-developed L2 for potential off-chain withdrawals, but this 'liquidity island' makes prices both scarce and fragile.

Kraken xStocks (Polygon), Coinbase RWA pipeline, Republic Mirror (Solana) are following suit, all based on the logic of 'small SPV + on-chain fragmentation', meaning whoever secures the top assets and cross-region licenses first will capture liquidity premiums, while others could be abruptly cut down by a ban at any time.

In the future, there will be more private equity 'mining' and decentralized valuations. On the regulatory front, the EU has a 6-year sandbox, while the U.S. may not provide clear rules until 2026.

However, the biggest risk is the issuer's stance:

OpenAI stated on its official website and X that Robinhood's 'OpenAI token' is unauthorized, does not represent equity, and warns investors of 'no voting rights, no dividends.' Once it 'clears the air', lawsuits + buybacks are inevitable. The first case of 'private equity tokenization' could turn into a failed example.

Exchanges wishing to replicate this must first secure asset authorization + dual-region compliance before discussing on-chain technology, and as retail investors, stay curious~