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Robinhood made OpenAI tradable... but is it legit?

Written by Gode S.,

Web3 Market Analyst

Last Updated: July 04, 2025

Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥

Plus: Tornado Cash founder speaks before trial

Welcome

GM. Today’s punch bowl is 10% orange juice, 90% unhinged, and 100% American - cheers to the Fourth of July.

⏳ Grayscale's crypto ETF isn't launching just yet.

😳 OpenAI doesn't endorse Robinhood's tokenized shares of OpenAI.

🍋 News drops: crypto kidnappers get sentenced, solo miner mines an entire block + more

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🍍 Market flavor today

Find out more about the Fear & Greed Index here.

Name		Price	24H	7D
Crypto Market Cap: $3.35T -1.67% (24H)
	Bitcoin BTC	$107,821.07	-1.65%	1.13%
	Ethereum ETH	$2,515.18	-2.98%	3.72%
	XRP XRP	$2.22	-2.52%	7.16%
	BNB BNB	$655.13	-0.98%	1.46%
	Solana SOL	$148.06	-2.75%	4.35%

Prices as of 10:00 AM EST. Click here to see live data.

$110K is still playing hard to get.

Bitcoin thought it had a shot yesterday, but $110K ghosted and moved a little further out of reach.

BTC price chart 07-04

Source: BitDegree

And that’s actually throwing some people off, because you’ve got ETFs, Strategy, and other corporate treasuries buying BTC like it’s Black Friday - yet the price isn’t going much higher.

Well, according to CryptoQuant, the purchases of these institutional investors make up only a small part of total demand.

For example, on December 7, 2024, when Bitcoin demand was at its peak, ETFs and Strategy represented only about 33% of total demand.

Meaning: there’s a whole lot of other, less visible demand out there… and lately, that part’s been fading.

Disappearing

In fact, spot demand has dropped by about 895K BTC in the past month - enough to cancel out all the positive impact from all the institutional buying, which is why we’re stuck in this sideways phase.

But crypto investor Lark Davis thinks things could change soon, because:

👉 Global money supply has hit a record high;

👉 The US money supply also hit a record.

In other words, there’s more money in the economy than ever before.

That’s part of why the S&P 500 keeps hitting new highs - all that extra money is chasing investments.

Bitcoin could benefit from the same dynamic.

It’s already just 2.3% below its all-time high, and even a small portion of that growing money supply could be enough to push it toward new records.

So yeah... BTC basically brought flowers to $110K's door. Maybe it'll finally get a reply?..

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🐳 War of Whales is ON

06-30 BloFin WOW

While you’re doomscrolling, someone’s out there winning stuff you didn’t even know was on the table. Let's fix that.

Our friends at BloFin launched War of Whales - a massive futures trading competition where the prizes are absolutely insane.

We're talking over $4 million in USDT, along with a Rolex, an iPhone 16, a MacBook, and even a Tesla Cybertruck.

The formula’s simple: the more you trade, the better your chances and the bigger your prizes.

This ends July 15. So, what are you waiting for? 🤨

Join WOW Now

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🥝 Memecoin harvest

Welcome to the part of the cycle where coins stop making sense and start making headlines 😎

Data as of 04:15 AM EST.

Check out these memecoins and plenty more here.

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🗞️ Updates

Good evening, ladies, gentleman, and crypto degenerates.

Reporting live from the heart of the action (my desk) - we’ve just confirmed two new developments in stories already covered this week.

It’s the talk of the town (group chats) right now, and here’s what you need to know:

SpongeBob Bikini Bottom news reporter

1/ Grayscale ETF

On Wednesday, we told you the SEC approved Grayscale’s new crypto ETF that features Bitcoin, Ethereum, Solana, XRP, and Cardano.

Well, they approved it technically... but then put a "stay" on it, which means Grayscale can't actually launch the ETF yet.

Bloomberg ETF analyst Eric Balchunas thinks the SEC just wants to finalize crypto ETF listing rules before letting this one go live.

So, the situation: approved in theory, not happening in practice. For now.

Eric Balchunas tweet 07-04

Source: @EricBalchunas

2/ OpenAI vs. Robinhood

On Tuesday, we talked about Robinhood launching tokenized US stocks and ETFs in Europe.

What we didn't point out then, though, is that some of those tokens represent private stocks - companies you can't invest in unless you have VC connections or millions to invest.

One of those? OpenAI.

So, with that launch, Robinhood gave regular retail investors a way to get price exposure to OpenAI - something they can’t do by buying shares directly.

Pretty damn sick, amirite? Well... not everyone agrees:

OpenAI Newsroom tweet 07-04

Source: @OpenAINewsroom

Basically, what OpenAI's saying is that even if Robinhood’s tokens are backed 1:1 by real OpenAI shares, you’re not legally an OpenAI shareholder.

And what does that mean for you?

👉 You’re trusting Robinhood, not OpenAI

When you buy one of the tokens, you’re not directly owning a piece of OpenAI.

You’re just counting on Robinhood (or its partner) to hold OpenAI shares somewhere.

👉 No shareholder rights

You don’t get voting rights, a say in decisions, or access to OpenAI’s financials. You just track the price.

👉 Liquidity isn’t guaranteed

These tokens only have value if Robinhood keeps the market open.

If they stop or demand drops, you might not be able to sell.

Snoop Dogg concerned

At the same time, hey, at least it’s an option. If you just want to exposure to OpenAI’s price, then fine. But make sure you understand the risks before jumping in.

And with that, I’ll return you to your regularly scheduled scrolling 🎙️

This was the Daily Squeeze, thanks for reading, and good luck out there.

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🍋 News drops

🤔 Can’t decide between Binance and Bybit? We compared them head-to-head so you can choose your fighter.

🌪️ Tornado Cash co-founder Roman Storm gave an interview before his criminal trial starts in less than two weeks. He didn't say if he plans to testify.

📑 US Senator Cynthia Lummis introduced a draft bill to clarify how crypto is taxed. She did it because the One Big Beautiful Bill the Senate passed recently left digital assets out.

⛏️ A solo Bitcoin miner mined an entire block worth over $350K. Small miners like this have about the same odds as flipping a coin and getting heads 18 times in a row.

⚖️ A Belgian court handed 12-year sentences to three people for a crypto-related kidnapping. They targeted the wife of local crypto entrepreneur back in December 2024.

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