Robinhood’s stock hit record highs with its crypto token launch, but shares slid after OpenAI denied involvement, warning the tokens aren’t legitimate equity.

The tokenized versions of U.S.-listed stocks and ETFs are first available to EU users and are issued on Arbitrum, with future plans to deploy them on the firm's own blockchain.

In a reply to OpenAI’s notice, a Robinhood spokesperson explained that the tokens offer “indirect exposure to private markets” for retail clients. They added that this access is made possible by “Robinhood’s ownership stake in a special purpose vehicle”.