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.

Robinhood stock popped this week on news that European users could trade "tokenized" stock in private companies. OpenAI distanced itself from the plan.

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”.