Robinhood Discloses Use of Special Purpose Vehicle to Back OpenAI Stock Tokens

Robinhood Explains OpenAI Tokens Aren’t Direct Shares but Offer Investment Access

Robinhood CEO Vlad Tenev has clarified that the OpenAI tokens available on the platform do not represent actual equity in the AI company, despite giving investors similar economic exposure.

In an interview with CNBC, Tenev said the tokens are linked to Robinhood’s stake in a special purpose vehicle (SPV) rather than direct OpenAI shares.

Earlier this month, OpenAI issued a statement warning that the tokens circulating on Robinhood don’t equate to owning a piece of the company itself. The firm emphasized that transferring any genuine equity would require its approval — which it hasn’t provided.

“In and of itself, I don’t think it’s entirely relevant that it’s not technically an equity instrument,” Tenev told CNBC. “What’s important is that retail customers have an opportunity to get exposure to this asset.”

Robinhood joins other platforms that have used SPVs as a way to let retail investors participate in pre-IPO opportunities indirectly.

One notable example is Linqto, a platform that offered investors exposure to private companies by acquiring shares via SPVs on secondary markets. Linqto recently filed for bankruptcy, creating uncertainty over what rights its investors — now creditors — hold.

Among the companies offered through Linqto was Ripple (XRP). Ripple’s CEO, Brad Garlinghouse, has since publicly distanced the firm from Linqto.

“We stopped approving more Linqto purchases on secondary markets in late 2024 amid growing skepticism,” Garlinghouse tweeted earlier this month.