Robinhood logo is displayed on smartphone. Source: Mojahid Mottakin - stock.adobe.com

Key Takeaways:

Robinhood’s tokenized private equity products linked to OpenAI and SpaceX are under EU regulatory review, with the Bank of Lithuania seeking clarification on their legal status.
These tokens do not confer equity rights but are structured as derivatives providing indirect exposure, prompting scrutiny over marketing practices.
The broader tokenization market is growing rapidly, with global interest from financial giants and projections of a trillion-dollar future despite current regulatory uncertainties.

Robinhood’s new tokenized private equity products tied to OpenAI and SpaceX are under investigation by the Bank of Lithuania, its primary EU regulator, after OpenAI clarified that the tokens do not represent real equity in the company.

These tokens, launched alongside Robinhood’s proprietary layer-2 blockchain debut on June 30, are marketed as offering exposure to high-profile private firms.

These “OpenAI tokens” are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer.

Please be careful.
— OpenAI Newsroom (@OpenAINewsroom) July 2, 2025

However, they function as derivatives rather than conferring any ownership rights, raising concerns about potential investor misunderstanding.

The EU inquiry seeks to determine the legality and regulatory compliance of these products.

Robinhood plans to expand its offering to include over 200 tokenized U.S. stocks and ETFs for European investors.

The move comes amid growing interest in tokenization of real-world assets, a market projected to surpass $24 billion, with major institutions like BlackRock and Franklin Templeton entering the space.

Tokenized stocks currently account for only $188 million, but industry experts believe they could eventually reach a trillion-dollar valuation.

While some remain skeptical of the true scale and demand, the market is gaining traction, particularly in private credit and U.S. Treasury tokenization.

Regulatory clarity is now seen as crucial to shaping the trajectory and legitimacy of tokenized financial instruments.