OpenAI is warning people about “tokenized” shares of its stock that can be obtained through the online trading platform Robinhood. To promote its cryptocurrency products, Robinhood announced it would give some users €5 “stock tokens” that track the private-market values of OpenAI and SpaceX.
Robinhood does own tokenized shares of OpenAI and SpaceX, and the company said the tokens would be backed by blockchain-backed contracts, which are not available inside the US.
The unprecedented move represents a creative way to allow ordinary people to invest in privately held startups. Robinhood’s entry into the market signals the concept’s growing momentum.
The US has restrictive rules that disincentivize companies from going public. At the same time, it prohibits ordinary investors from putting their money in private companies. This tokenized trend could put pressure on US regulators to change financial rules — and as AI companies like OpenAI beat historical valuations, that could become a much bigger issue.