The Bank of Lithuania, Robinhood’s main regulator in the European Union, is demanding clarification on OpenAI and SpaceX tokens a few days after the service was launched. A few days ago, OpenAI reiterated that “these OpenAI tokens are not OpenAI shares”; their structure is now worrying the authorities.
Robinhood’s tokenized stocks: the Bank of Lithuania wants answers
On June 30, 2025, Robinhood launched a new feature available to users in the European Union: more than 200 US stocks (ETFs and securities such as Nvidia, Apple, and Microsoft) are now available in the form of tokens based on the Arbitrum blockchain. This made it possible for individuals to invest in iconic private companies such as OpenAI and SpaceX. This prompted a reaction from the developer of ChatGPT, who took to his X account to warn:
These ‘OpenAI tokens’ are not OpenAI shares. (…) We have not authorized their issuance, so please be careful.
Robinhood CEO and co-founder Vlad Tenev responded to OpenAI, also on X:
While it is true that these are not technically “shares,” these tokens offer retail investors exposure to these private assets (…) they pave the way for a much more ambitious project.
Thus, exposure remains indirect, as each token represents a share held in a dedicated financial vehicle, but these are private securities that are not yet tradable.
However, following this clarification, the Bank of Lithuania, which regulates Robinhood as a crypto-asset service provider and broker, contacted the company to seek clarification on the legal structure of the OpenAI and SpaceX tokens. The authority also wants to verify that the information provided to investors is clear.
Tokenized shares face new MiCA safeguards
Giedrius Šniukas, spokesperson for the Bank of Lithuania, explains:
Only after receiving and evaluating this information will we be able to assess the legality and compliance of these specific instruments. Information for investors must be clear, fair and not misleading.
The offering, launched on June 30, promises 24/7 trading with no commissions and automatic dividend distribution. The launch of tokenized shares could further boost Robinhood in the brokerage competition: Robinhood shares have already gained 163.7% since the beginning of the year.
However, this new development comes just as the MiCA regulation is being rolled out: since July 1, the European Securities and Markets Authority’s guidelines specify that a token can be reclassified as a financial instrument if its economy replicates that of a traditional share. National authorities have until July 18 to notify their compliance.
The Bank of Lithuania could therefore decide that stock tokens are subject to traditional stock market law, with additional prospectuses and approvals required. It could even require an explicit statement warning that these tokens do not confer any governance rights in the companies concerned.
