Robinhood crypto app offering tokenised OpenAI and SpaceX shares to EU investors

Novelty in shares: Robinhood and OpenAI

Have you picked up your OpenAI shares yet? They’re not public yet, you say? Not to worry! US retail investment group Robinhood’s share shot up last week after it began offering tokenised stocks based on businesses such as OpenAI and Space X – which are not publicly traded. Robinhood’s announcement, which came last week during the company’s product showcase in Cannes, is part of a broader push to expand Robinhood’s crypto footprint globally. “The tokenized assets will be available exclusively through Robinhood’s EU crypto app, where more than 200 tokenized stocks and ETFs are now tradable 24 hours a day, five days a week with no commission or spread,” reports Techcrunch. “To mark the launch, Robinhood is giving 5 euros worth of OpenAI and SpaceX tokens to every eligible user in the European Union who onboards to trade stock tokens by July 7. The company has allocated $1 million worth of OpenAI and $500,000 worth of SpaceX for the campaign.” That’s similar to the “airdrops” of early crypto coin offerings. Robinhood’s offering appears to be based on its owning shares in an SPV which owns shares in OpenAI. “While it is true that they aren’t technically ‘equity,’ the tokens effectively give retail investors exposure to these private assets,” said Robinhood CEO Vlad Tenev in a post on X on Wednesday. “Our giveaway plants a seed for something much bigger, and since our announcement we’ve been hearing from many private companies that are eager to join us in the tokenization revolution.”