Robinhood announced that its tokens that offer exposure to OpenAI are technically not recognized as equity but are backed by a special purpose vehicle. Vlad Tenev, CEO of Robinhood, stated in an interview that while these tokens don't represent actual equity, they provide retail customers with an opportunity to invest in this asset. OpenAI has indicated that transferring equity requires their consent, which has not been given. This structure has raised concerns about investor protections, particularly given challenges faced by similar models in the past, such as Linqto's bankruptcy. Linqto's model, which allowed retail investors to purchase shares in pre-IPO companies, has faced scrutiny regarding ownership clarity. The cryptocurrency landscape is witnessing these developments as tokens and investment opportunities continue to evolve and intersect with traditional equity structures.

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