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.

The stock tokens give E.U. investors exposure to hundreds of U.S. stocks, as well as to private companies SpaceX and OpenAI.

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.