Robinhood Confirms Special Purpose Vehicle Backs OpenAI Stock Tokens

Robinhood’s OpenAI Tokens Aren’t Direct Equity, Tenev Confirms

Robinhood CEO Vlad Tenev has clarified that the platform’s OpenAI-related tokens don’t represent direct ownership in the AI company, even though they’re designed to mimic equity-like exposure for retail investors.

Speaking with CNBC, Tenev explained that these tokens are backed by Robinhood’s stake in a special purpose vehicle (SPV) rather than actual OpenAI shares.

Earlier this month, OpenAI issued a statement warning that the tokens available on Robinhood do not constitute equity in the company. The firm emphasized that any real transfer of OpenAI equity would require its consent — which it has not granted.

“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 a growing list of platforms using SPVs to give retail investors access to pre-IPO companies.

One such platform, Linqto, offered retail exposure to private firms through SPVs purchasing shares on secondary markets. However, Linqto recently filed for bankruptcy, raising concerns about the true nature of investors’ claims in those arrangements.

Among the companies Linqto provided access to was Ripple (XRP). Ripple’s CEO, Brad Garlinghouse, has publicly distanced the company from Linqto’s operations.

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