Robinhood Ventures Fund I (RVI), a publicly traded closed-end fund, has announced a $75 million investment in OpenAI, marking one of its largest private equity positions to date. The fund acquired OpenAI common stock, which will act as the underlying asset for offering retail investors indirect exposure through “venture tokens.”
RVI president Sarah Pinto said the initiative is designed to democratize access to private companies, allowing retail investors to gain price exposure without directly owning equity. Following the announcement, RVI shares rose more than 14% to $28, according to data.
Venture Tokens Raise Regulatory and Ownership Questions
The structure allows investors to track valuation changes of private firms like OpenAI without holding actual shares. However, the model has raised regulatory concerns around ownership rights and investor protections.
In previous token offerings, OpenAI publicly stated that its equity was never officially transferred or authorized for tokenization, warning that “OpenAI tokens” do not represent real company shares and were not approved by the firm.
Similarly, Robinhood has faced scrutiny for offering exposure to private companies such as OpenAI and SpaceX through tokenized instruments, particularly in European markets where such products were earlier introduced.
Experts Warn Tokens Do Not Equal Equity Ownership
Financial technology expert John Murillo of B2BROKER noted that these instruments do not provide shareholders’ rights. Investors receive only price-linked exposure, with no voting power, no direct claim on company assets, and no access to internal financial data.
He added that while payouts may reflect valuation changes in underlying private shares, the tokens remain third-party financial instruments rather than actual equity holdings, reinforcing ongoing concerns about transparency and regulatory classification in private asset tokenization.
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