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Robinhood Spokesperson: Through a certain SPV, we indirectly hold shares in OpenAI, and the price of the OpenAI token is tied to the value of the shares held by that SPV.

6 hours ago

July 7th. In response to OpenAI's urgent denial that it did not give authorization to Robinhood and stating that the so-called "OpenAI Token" is not equity in OpenAI, a spokesperson for Robinhood said that the OpenAI Token will represent indirect ownership of OpenAI through Robinhood's ownership in a special purpose vehicle (SPV), providing investors with an indirect way to invest in OpenAI. This implies that Robinhood does not directly hold OpenAI shares but holds them indirectly through an SPV, and the price of the OpenAI Token is pegged to the value of the OpenAI shares held by that SPV. Currently, three trading platforms, Robinhood, Bybit, and Kraken, do not offer tokenized U.S. stock trading services to U.S. customers. However, Coinbase has submitted a pilot application to the U.S. Securities and Exchange Commission (SEC) to provide stock tokenization trading services to U.S. customers, pending SEC approval. (Caixin)
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