July 3 - Robinhood (HOOD, Financial) stock dipped about 2% in Thursday's premarket, trimming gains from Wednesday's roughly 6% pop, on renewed questions over its “token” offering.
This selloff came after OpenAI moved quickly to distance itself from the scheme, posting on X that it “did not partner with Robinhood, was not involved in this, and does not endorse it.” The ChatGPT parent underscored that any transfer of its equity requires its express approval, which it never granted.
Robinhood had unveiled tokenized shares of private giants like OpenAI and SpaceX, pitching them as a way for everyday investors to own a piece of Silicon Valley via blockchain. Hours after that launch, HOOD surged to fresh highs, only to reverse course once OpenAI's disclaimer hit.
A Robinhood spokesperson called the token rollout a “limited” pilot run managed through an unnamed third‑party partner. The episode highlights both the allure and the pitfalls of marrying traditional equities with crypto rails.
Investors will be watching closely as Robinhood refines its approach or faces tighter regulatory scrutiny in the evolving overlap of finance and blockchain.
