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 Bank of Lithuania, Robinhood's lead EU regulator, said it is "awaiting clarifications" regarding the structure of the company's OpenAI and SpaceX stock tokens. Robinhood says its stock tokens give users the ability to invest in shares in the form of blockchain-based tokens.

Robinhood is now facing heat from European regulators after OpenAI said it wants nothing to do with the company’s new stock tokens.