Robinhood (HOOD, Financial) saw its stock price soar nearly 13%, closing at $93.63, marking a record high. This surge followed the company's announcement of launching tokenized stocks of OpenAI and SpaceX for European users, as part of its broader initiative to expand its cryptocurrency offerings globally.
The announcement was made during a product showcase in Cannes, highlighting Robinhood's efforts to enhance its crypto footprint worldwide. These tokenized assets will be exclusively available through Robinhood's EU crypto app, offering over 200 tokenized stocks and ETFs for commission-free, 24/5 trading.
To commemorate the launch, Robinhood is offering eligible EU users €5 worth of OpenAI and SpaceX tokens if they trade stock tokens before July 7. The company has allocated $1 million worth of OpenAI tokens and $500,000 worth of SpaceX tokens for this promotional event.
The significance of OpenAI and SpaceX lies in their status as non-public companies, traditionally accessible only to insiders and wealthy investors. Robinhood aims to democratize access to such opportunities, with the goal of reducing historical investment inequalities.
