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.

OpenAI said Wednesday that it does not endorse Robinhood's sale of "OpenAI tokens," noting that these are not equity in the company.