Robinhood Stock Drops 1.67% Amid Fake OpenAI Token Controversy

Robinhood's stock (HOOD) experienced a decline in the morning trading session, slipping 1.67% in pre-market trading. This drop followed growing criticism from the community regarding the authenticity of Robinhood EU's newly tokenized "OpenAI stock," which was deemed fake.

On June 30, 2025, Robinhood introduced tokenized shares of OpenAI and SpaceX on the blockchain, accessible exclusively through its EU crypto app. The company offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users, with a total allocation of $1 million for OpenAI and $500,000 for SpaceX tokens. However, U.S. users were restricted from accessing these tokens due to regulatory requirements.

OpenAI issued a disclaimer stating that the "OpenAI tokens" are not company equity and were launched without its involvement or approval. SpaceX founder Elon Musk also distanced himself from the tokens, commenting on X, “Your ‘equity’ is fake,” which sparked fear and uncertainty in the community.

In response to the backlash, Robinhood Co-Founder and CEO Vlad Tenev clarified that the tokens are not technically considered equity but rather synthetic assets that track the price actions of private firms like OpenAI and SpaceX. He described the giveaway as "a seed for something much bigger," noting that many private companies have expressed interest in joining the tokenization revolution.

Despite Tenev's comments, some individuals expressed skepticism and called for transparent data on how these tokens are priced and what drives their valuation. Market analysts advised users to treat the tokens as high-beta derivatives, given the issuer risk, regulatory uncertainty, and potentially thin liquidity.

The situation with Robinhood highlights the need for companies to inform their customers about the risks and mechanics of their investments in the crypto space. While Robinhood stock (HOOD) surged above $100 to reach a new all-time high following the announcement of the stock tokenization, speculations surrounding the stock token or OpenAI shares led to a decline in HOOD. The stock is currently traded at $97.98, with a 1.6% increase over the past 24 hours.