Kategorie: Crypto News

• OpenAI publicly disavowed Robinhood’s “OpenAI tokens,” stating “we did not partner with… and do not endorse it.”
• Robinhood’s tokens offer indirect exposure via a Special Purpose Vehicle (SPV), not direct equity in OpenAI.
• Robinhood CEO Vlad Tenev defended the move as giving retail investors exposure to private assets.

OpenAI, the high-profile artificial intelligence firm, has publicly disavowed a new effort by fintech company Robinhood to offer “OpenAI tokens” to the public, clarifying that these digital assets do not represent equity in the company.

This rare public rebuke comes as global financial markets, including cryptocurrencies like Bitcoin, navigate a complex landscape of new trade deals and persistent geopolitical risks.

“We did not partner, we do not endorse”: OpenAI to Robinhood

In a clear and direct statement posted from its official newsroom account on the social media platform X, OpenAI sought to distance itself from Robinhood’s new offering.

“These ‘OpenAI tokens’ are not OpenAI equity,” the company stated on Wednesday. “We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer. Please be careful.”

OpenAI’s pointed statement was a direct response to Robinhood’s announcement earlier this week that it would begin selling so-called tokenized shares of OpenAI, SpaceX, and other prominent private companies to individuals in the European Union.

Robinhood had framed the launch as an attempt to democratize finance, giving everyday people exposure to equity in some of the world’s most valuable private companies via blockchain technology.

The market reacted enthusiastically to Robinhood’s announcement, with its stock price soaring to an all-time high in the hours that followed.

However, as OpenAI’s statement underscores, shares in private companies like itself and SpaceX are, by definition, not available to the general public.

These companies sell shares to investors of their own choosing, maintaining tight control over their cap tables.

OpenAI’s open disavowal of Robinhood’s effort highlights the significant friction that can arise when the freewheeling world of crypto innovation collides with the highly regulated and carefully guarded domain of private equity.

What are investors actually buying?

In response to OpenAI’s condemnation, Robinhood spokesperson Rouky Diallo told TechCrunch that the OpenAI tokens were part of a “limited” giveaway designed to offer retail investors indirect exposure “through Robinhood’s ownership stake in a special purpose vehicle (SPV).”

An SPV is a separate legal entity created for a specific purpose, in this case, to hold shares of a private company.

This clarification reveals the layered nature of the offering. Investors are not buying direct shares in OpenAI, nor are they buying direct shares in the SPV.

They are buying tokens whose value is, in some way, tied to the OpenAI shares held within that SPV.

It’s an important distinction, as the price of SPV shares can differ from the price of the actual underlying stock, and the price of a token tied to those SPV shares can differ further still.

In its own help center, Robinhood notes that when buying any of its stock tokens, “you are not buying the actual stocks — you are buying tokenized contracts that follow their price, recorded on a blockchain.”

Robinhood CEO Vlad Tenev, in a post on X on Wednesday, acknowledged the technical distinction but defended the spirit of the offering.

“While it is true that they aren’t technically ‘equity,’ […] the tokens effectively give retail investors exposure to these private assets,” Tenev wrote.

Our giveaway plants a seed for something much bigger, and since our announcement we’ve been hearing from many private companies that are eager to join us in the tokenization revolution.

OpenAI declined to comment further on the matter, and Robinhood did not respond to TechCrunch’s additional questions about its SPV.

This episode is a reminder that private companies are often highly protective of anything that could influence how their equity is valued.

In recent months, for instance, humanoid robotics startup Figure AI sent cease-and-desist letters to two brokers running secondary markets that were marketing the company’s stock without authorization.

Most startups are keen to avoid any public perception that they have authorized share sales when they have not.

Broader markets react to trade and geopolitical news

While this corporate drama unfolded, broader financial markets were digesting their own set of complex signals.

Cryptocurrencies saw a surge in positive sentiment. Bitcoin (BTC) jumped 3.6% over 24 hours to break above $109,000, buoyed by strong volume and improving global sentiment following the announcement of a US-Vietnam trade deal, despite continued Middle East tensions.

Ethereum (ETH) surged an even more impressive 8.6% to $2,608, fueled by growing institutional interest.

Meanwhile, HSBC raised its 2025–2026 gold price forecasts to $3,215 and $3,125 per ounce, citing geopolitical risks and strong investor demand, according to Reuters.

Equity markets, however, showed a more mixed reaction.

In the US, the S&P 500 rose 0.47% to 6,227.42 on Wednesday after President Trump announced the US-Vietnam trade deal, though a surprise drop in June private payrolls raised some economic concerns.

In Asia, markets were varied on Thursday, with Japan’s Nikkei 225 down 0.15% as investors awaited further details on the same trade deal.

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• Bitcoin may climb to $ 170,000 as global M2 liquidity reaches $55.48 trillion, reflecting a surge in economic capital.
• Analysts say institutional demand via ETFs and corporate buyers could push BTC into the $150K–$200K range by year-end.
• A weakening US dollar and historical divergence patterns suggest a potential new Bitcoin uptrend is underway.

Bitcoin (BTC) could be on a trajectory toward $170,000 as global liquidity—measured by the broad money supply (M2)—reaches a new record high of $55.48 trillion as of July 2, said a Coin Telegraph report.

The M2 metric includes highly liquid assets such as bank deposits, checking accounts, and cash equivalents, and aggregates liquidity levels from major economies including the United States, Eurozone, Japan, the United Kingdom, and Canada.

Historically, Bitcoin’s price has shown a strong correlation with global M2 supply, often following liquidity expansions with a lag of three to six months.

In periods of rapid liquidity growth, the lag can shorten considerably. For example, Bitcoin’s breakout above $100,000 in April 2025 followed just weeks after a sharp increase in M2 supply.

The recent expansion in global M2 suggests a broader increase in available capital, often associated with inflows into risk-on assets such as cryptocurrencies.

According to analyst Crypto Auris, “As global money supply expands, Bitcoin’s next target sits around ~$170K, following the flow.” Unlike speculative rallies driven by sentiment, liquidity-backed surges tend to result in more sustainable price trends, potentially offering a stronger foundation for Bitcoin’s current cycle.

https://x.com/crypto_auris/status/1940326758202712108

Institutional demand strengthens bullish outlook

Bitcoin’s price trajectory is also being supported by a growing base of institutional investors.

Multiple analysts forecast BTC reaching between $150,000 and $200,000 by the end of 2025, citing increased allocations from institutional players via exchange-traded funds (ETFs) and corporate treasuries.

This shift reflects a maturation of the digital asset market, where Bitcoin is increasingly viewed as a hedge against currency debasement and a store of value in an environment of expanding money supply.

Rising institutional participation tends to reduce volatility and improve market depth, contributing to the long-term viability of price gains.

The broader macroeconomic backdrop is reinforcing this trend.

Central banks in developed markets continue to adopt accommodative monetary policies, further inflating M2 and supporting asset prices across risk categories.

Weakening Dollar signals potential breakout

Another factor contributing to Bitcoin’s bullish momentum is the weakening US dollar.

The US Dollar Index (DXY) has declined by 10.8% in the first half of 2025, marking its steepest H1 drop since the end of the Bretton Woods system in 1973.

In contrast, Bitcoin has appreciated by 13.25% over the same period, highlighting a clear negative correlation between the two assets.

Historically, significant divergences between BTC and DXY have preceded major market moves.

Notably, the divergence in November 2020 signaled the beginning of a sustained rally, while inverse movements in April 2018 and March 2022 coincided with the onset of bear markets.

Since early 2024, BTC and DXY had been moving in tandem, but this pattern broke in April 2025 when DXY fell below the 100 mark for the first time in two years.

If historical trends hold, this divergence could mark the start of a new uptrend for Bitcoin, potentially magnified by further dollar weakness.

As liquidity rises and the dollar weakens, the setup for Bitcoin appears increasingly favorable heading into the second half of the year.

 

 

 

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