Robinhood CEO: OpenAI Tokens Offer Exposure, Not Equity Ownership
Robinhood’s tokens tied to OpenAI are not actual shares in the company, according to CEO Vlad Tenev, though they’re designed to give investors similar exposure.
In a recent CNBC interview, Tenev clarified that these tokens are supported by Robinhood’s stake in a special purpose vehicle (SPV) rather than representing direct equity in OpenAI.
Earlier this month, OpenAI cautioned that the tokens offered by Robinhood don’t equate to real ownership in the company. The firm stressed that any transfer of genuine equity would require its authorization, which it has not granted.
“In and of itself, I don’t think it’s entirely relevant that it’s not technically an equity instrument,” Tenev said on CNBC. “What’s important is that retail customers have an opportunity to get exposure to this asset.”
Robinhood isn’t alone in adopting this approach. Other platforms have also used SPVs to let retail investors access shares of pre-IPO companies indirectly.
One prominent example is Linqto, which allowed retail investors to gain exposure to private companies by purchasing shares via SPVs in secondary markets. However, Linqto has recently filed for bankruptcy, casting uncertainty over what investors—now creditors—actually own.
Ripple (XRP) was among the companies offered through Linqto. Ripple CEO Brad Garlinghouse has since distanced the company from Linqto’s operations.
“We stopped approving more Linqto purchases on secondary markets in late 2024 amid growing skepticism,” Garlinghouse posted on Twitter earlier this month.
