The next layer of finance at scale: “Robinhood stock surged 10% on Monday to reach an all-time high after the trading platform announced its entry into tokenized private equity, offering users in the European Union access to shares of OpenAI and SpaceX.”
Yes, Robinhood is offering tokenized shares of OpenAI and SpaceX to European users through its crypto platform, making these private company equities accessible through blockchain technology. This allows users to own fractional shares of these companies, which are not publicly traded, through tokens on Robinhood’s EU crypto app. The tokens are distributed via Robinhood’s custody wallet and are part of a broader expansion of their crypto offerings into Europe.
Robinhood is acquiring shares of private companies, such as OpenAI and SpaceX, directly from existing shareholders or through special purpose vehicles (SPVs) created for this purpose, according to AInvest.
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Here’s a breakdown of how Robinhood is likely sourcing these shares:
Existing Shareholders: Robinhood may purchase shares from employees, early investors, or other individuals holding equity in OpenAI and SpaceX, according to CNBC.
Special Purpose Vehicles (SPVs): Robinhood could establish SPVs specifically to acquire and hold shares of these private companies. SPVs pool capital from investors and acquire shares, streamlining the process for Robinhood, AInvest reports.
Direct Purchase from the Company: In some cases, Robinhood may purchase shares directly from the companies themselves, though this is less common for private companies.
Tokenization Process:
Share Acquisition: Robinhood or its SPV acquires a quantity of shares in OpenAI and SpaceX.
Token Creation: The acquired shares are then tokenized, creating digital tokens representing fractions of the shares.
Token Distribution: These tokens are distributed to Robinhood’s EU customers, allowing them to invest in these previously inaccessible private companies, says CNBC.
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