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 tokenized versions of U.S.-listed stocks and ETFs are first available to EU users and are issued on Arbitrum, with future plans to deploy them on the firm's own blockchain.

OpenAI said Wednesday that it does not endorse the "tokenized" version of its stock that trading platform Robinhood plans to make available to its European users.