On July 9, 2025, Robinhood's tokenized stock offerings, which included shares linked to private companies like OpenAI and SpaceX, faced significant challenges. This followed OpenAI's disavowal of the tokens and increased regulatory scrutiny from the Bank of Lithuania.
OpenAI clarified on July 2, 2025, that the "OpenAI tokens" distributed by Robinhood do not represent equity in the company. Robinhood CEO Vlad Tenev defended the tokenized stock structure, explaining that the tokens are backed by Robinhood's ownership stake in a special purpose vehicle (SPV). The Bank of Lithuania requested clarification regarding the structure of these tokenized equities.
On July 9, 2025, Robinhood's stock price reached a record high of $91.27, with a market capitalization of approximately $36.85 billion. However, the stock experienced a decline after OpenAI's disavowal and the onset of regulatory scrutiny. Separately, Linqto, a private investment platform, filed for Chapter 11 bankruptcy on July 8, 2025.