Robinhood's foray into tokenized stocks, specifically those linked to private companies like OpenAI and SpaceX, is facing increased scrutiny in the European Union. This development follows a warning issued by OpenAI, distancing itself from the tokens, and a subsequent inquiry from the Bank of Lithuania, Robinhood's lead regulator in the EU.
On June 30, 2025, Robinhood launched its blockchain-based stock token product, aiming to provide EU users with the ability to invest in shares of both public and private companies. However, shortly after the announcement, OpenAI issued a statement clarifying that these "OpenAI tokens" are not actual equity in the company and that they had no partnership or involvement with Robinhood in this venture. OpenAI explicitly stated that any transfer of OpenAI equity requires their approval, which they did not grant in this case, urging investors to exercise caution.
In response to OpenAI's concerns, Robinhood explained that its tokenized offering is designed to give retail investors indirect exposure to private markets, backed by Robinhood's ownership stake in a special purpose vehicle (SPV).
The Bank of Lithuania, which serves as Robinhood's primary EU regulator due to the brokerage holding both a brokerage and crypto asset service provider license granted by the bank, has requested further details from Robinhood. The central bank is seeking "clarifications" regarding the structure of the OpenAI and SpaceX stock tokens, as well as information on how these products were communicated to consumers. Giedrius Šniukas, a spokesman for the Bank of Lithuania, emphasized the importance of providing investors with clear, fair, and non-misleading information. The bank is awaiting detailed responses from Robinhood to assess the legality and compliance of these instruments before making a comprehensive evaluation.
This situation presents an early test case for how European regulators will approach the growing trend of asset tokenization, particularly when it involves private companies that have not explicitly consented to the use of their names or equity in such products. The findings from the Bank of Lithuania are expected to influence broader regulatory decisions across the EU, given its role as the lead regulator for Robinhood's EU operations.
The scrutiny from European regulators and the disavowal from OpenAI have placed Robinhood's new product under legal and reputational pressure shortly after its launch. The future of Robinhood's stock token strategy and the broader investor trust in tokenized shares may depend on how the company addresses its obligations to regulators and the companies it claims to offer exposure to.
