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.

Robinhood stock popped this week on news that European users could trade "tokenized" stock in private companies. OpenAI distanced itself from the plan.

The trading platform announced it would give some users €5 “stock tokens” that track the private-market values of OpenAI and SpaceX.