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.

The tokenized versions of U.S.-listed stocks and ETFs are first available to EU users and are issued on Arbitrum, with future plans to deploy them on the firm's own blockchain.