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Robinhood’s latest foray into tokenized finance is drawing crowds—and questions. After launching its blockchain-based stock token platform in the European Union last week, the company has seen interest from private firms eager to join.
In an interview with Bloomberg, CEO Vlad Tenev said he’s been inundated with requests from companies looking to make their shares available to everyday investors via Robinhood’s tokenized platform. “Private companies want access to retail,” he said. “They want their shares tokenized and to be a part of this revolution.”
The EU-only platform currently offers more than 200 tokenized U.S. equities, tradable five days a week. As part of its promotional campaign, Robinhood also offered non-tradable tokens tied to private firms like OpenAI and SpaceX—though not without controversy.
OpenAI quickly distanced itself from the promotion, saying any equity transfer would need its approval and urging investors to tread carefully. Tenev clarified that the tokens are not actual shares but derivatives designed to offer retail investors exposure to high-profile companies.
Still, the rollout triggered questions from European regulators. Lithuania’s central bank, which oversees Robinhood’s EU operations, requested details on the structure of the tokens. The firm says it welcomes the scrutiny.
“They want to ensure everything is above board—and we’re confident it is,” Tenev said. “These products will stand up to the highest levels of review.”
The tokens are classified as derivatives under the EU’s MiCA and MiFID frameworks. They’re backed by the underlying equities, with tokens minted or burned as users trade. On-chain data shows Robinhood has already issued around 215 stock tokens on Arbitrum, with pilot tokens like the SpaceX “Demo 1” still undergoing internal testing.
Despite the noise, Robinhood seems undeterred. Tenev said the long-term goal is to bring thousands of private firms onto the platform, giving investors access to equity they typically can’t touch. “It’s one of the biggest gaps in capital markets—these companies staying private longer than ever.”
The company is also talking to regulators in the U.S. and U.K., with hopes to expand the tokenization effort beyond Europe. Tenev noted that the SEC could greenlight such platforms without needing new laws, and hinted that momentum is building. “They’re hosting tokenization roundtables. We’ve been at the table.”
Robinhood’s move comes amid a broader wave of tokenization across markets. This week, BioSig Technologies announced a deal to raise $1.1 billion to tokenize commodities. Meanwhile, in Dubai, QCDT became the first tokenized money market fund approved in the DIFC, thanks to a partnership between DMZ Finance and QNB.
As for Robinhood, the firm plans to go further: launching perpetual-futures trading and even building a dedicated Layer 2 blockchain on Arbitrum.
