Hot tech stock nears all-time high after fresh controversy originally appeared on TheStreet.
Robinhood Markets (Nasdaq: HOOD), the platform offering stocks and crypto trading, announced the launch of tokenized stocks on June 30, and within two days, its stock hit an all-time high (ATH) of $100.88 on July 2.
The rally hasn't halted yet, and the stock is barely 7% short of hitting the record high it touched earlier this week.
On July 7, HOOD hit as high as $94.65 and was trading at $93.65 at the time of writing
When Robinhood launched its tokenized stock product last week — including high-demand names like OpenAI and SpaceX — it hoped to offer European retail investors a new way to get exposure to private U.S. companies. Instead, it kicked off a firestorm.
OpenAI quickly distanced itself from the offering, warning that Robinhood’s tokens “do not represent equity in the company” and stating on X that “any transfer of OpenAI equity requires our approval — we did not approve any transfer.”
Robinhood CEO Vlad Tenev responded in a CNBC interview Tuesday, defending the structure. “It is true that these are not technically equity,” he said, but added, “In and of itself, I don't think it's entirely relevant that it's not technically an equity instrument. What's important is that retail customers have an opportunity to get exposure to this asset.”
Robinhood says its stock tokens are backed by a special purpose vehicle tied to its own ownership stake, allowing simulated exposure without direct equity transfer.
Veteran fund manager Cathie Wood, whose firm ARK Invest holds $935 million in HOOD, recently hailed the exchange for launching the innovative tokenized stocks among its other new offerings.
Crypto stocks rally
Coinbase (Nasdaq: COIN), the largest U.S. crypto exchange, was trading at $364.36, up 2.69% a day. The company made it to the much-coveted spot on the S&P 500 in May.
Strategy (Nasdaq: MSTR), the leading Bitcoin treasury company, was trading at $402.49 at press time, up 1.4% a day.
Bitcoin miner MARA Holdings (MARA) was exchanging hands at $17.95, up 2.48%.
Riot Platforms (Nasdaq: RIOT), another leading miner, was trading at $11.92, up 3.1%.
Bitcoin miner CleanSpark (Nasdaq: CLSK) rose 4.73% and was trading at $12.15.
Join the discussion with CryptoWendyO on Roundtable here.
However, a few prominent crypto stocks reflected a downtick on their charts.
Stablecoin issuer Circle Internet Group (NYSE: CRCL), which made an astonishing public debut in early June, doesn't seem to be having good fortune. CRCL fell 2.59% to trade at $199.48 at the time of writing.
Story ContinuesHIVE Digital (Nasdaq: HIVE), a Bitcoin miner, also slipped 3.6% to trade at $2.14.
Hut 8 Group (HUT), another prominent crypto miner, was trading at $20.64, down 1.2%.
The miner Bitdeer (Nasdaq: BTDR) was no exception either, slipping 2.01% to $12.43.
Hot tech stock nears all-time high after fresh controversy first appeared on TheStreet on Jul 9, 2025
This story was originally reported by TheStreet on Jul 9, 2025, where it first appeared.
