SpaceX 代币化股票真相：买到的不是股权，只是经济敞口？
撰文：Boaz Sobrado 编译：AididiaoJP，Foresight News「这些『OpenAI 代币』不是 OpenAI 股权。」2025 年 7 月 1 日，OpenAI 新闻室账号公开发帖明确切割，「我们没有与 Robinhood 合作，没有参与此事，也不背书。」这条警告出现得并不意外。前一天，Robinhood 在戛纳的舞台上正式为欧洲用户上线超过 200 只代币化美股，还免费发放了与两家最受追捧的私人公司——SpaceX 和 OpenAI——挂钩的「股票代币」。问题是，两家公司都没有签字同意。48 小时内，OpenAI 就提醒粉丝「小心」。一周后，Robinhood 在欧洲的主要监管机构立陶宛银行也出面表示，正在等待关于这些代币如何构建的澄清说明。真正的问题出在结构上。持有 Robinhood 的 SpaceX 代币，并不等于持有 SpaceX 的股票。你实际上拥有的
The truth about SpaceX tokenized shares: economic exposure, not equity?
By Boaz Sobrado, compiled by AididiaoJP, Foresight News. "These 'OpenAI tokens' are not OpenAI equity." On July 1, 2025, the OpenAI newsroom account publicly posted to explicitly cut ties: "We did not partner with Robinhood, were not involved, and do not endorse it." The warning was not unexpected. The day before, Robinhood had launched over 200 tokenized US stocks for European users on a Cannes stage, and gave away "stock tokens" tied to the two most coveted private companies — SpaceX and OpenAI. The problem: neither company had signed off. Within 48 hours OpenAI reminded followers to "be careful." A week later Robinhood's main European regulator, the Bank of Lithuania, said it was awaiting clarification on how the tokens were structured. The real problem is structural: holding Robinhood's SpaceX token does not equal holding SpaceX stock.