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.

The Bank of Lithuania, Robinhood's lead EU regulator, said it is "awaiting clarifications" regarding the structure of the company's OpenAI and SpaceX stock tokens. Robinhood says its stock tokens give users the ability to invest in shares in the form of blockchain-based tokens.

Robinhood launched tokenized stocks on June 30, providing EU-based users with blockchain-based access to shares, including those of private companies such as OpenAI and SpaceX. However, OpenAI emphasized that any transfer of its equity requires their approval, which was not given.