CANNES — Robinhood stock climbed 10% to an all-time high Monday after the company rolled out tokenized shares of OpenAI and SpaceX to users in Europe as part of a larger crypto rollout.
It is the company's first move to make private equity accessible via blockchain.
The announcement, which came Monday during the company's product showcase in Cannes, is part of a broader push to expand Robinhood's crypto footprint globally. The tokenized assets will be available exclusively through Robinhood's EU crypto app, where more than 200 tokenized stocks and ETFs are now tradable 24 hours a day, five days a week with no commission or spread.
OpenAI and SpaceX stand out since neither company is publicly listed, and access to their equity has historically been limited to insiders and ultra-wealthy investors.
"We wanted to make sure we were giving access," said Johann Kerbrat, senior vice president and general manager of crypto at Robinhood. "What we discussed on stage was how to address the inequality between people who've historically had access to these kinds of companies — and everyone else. That's the really exciting part: Now everyone will be able to get it."
"The goal with tokenization," he added, "is to let anyone participate in this economy."