Bernstein analysts believe a new wave of equity tokenization is approaching, driven by advancing regulations and strong demand for access to private equity via blockchain.
This comes even after Robinhood’s controversial launch of tokenized equity for private firms like OpenAI and SpaceX, which sparked backlash over consent and shareholder rights. Still, the move signals broader market appetite for decentralized financial innovation.
Robinhood’s Tokenized Equity Push Faces Scrutiny
On June 30, during a major event in Cannes, Robinhood revealed its latest crypto offerings, including tokenized shares of over 200 U.S. companies, available to EU customers via the Arbitrum blockchain.
Among these offerings were tokens representing stakes in OpenAI and SpaceX, even though these companies are privately held and never authorized such listings.
“OpenAI did not authorize the token. Equity tokens without company approval lack true shareholder rights,” analysts wrote, underscoring the legal gray area.
Robinhood defended its position, stating that the tokens were derivatives backed by a special purpose vehicle (SPV) that holds the actual equity. The tokens are non-redeemable and non-transferable unless Robinhood chooses to activate such functions.
Bernstein Predicts Tokenization Boom Despite Setbacks
According to Bernstein, the controversy generated valuable exposure for the tokenization concept, helping Robinhood “plant the seed” for future marketplace expansion.
“The company met its goal: generate attention and educate the market,” the report said.
Bernstein analysts highlighted the growing demand to tokenize illiquid private assets, and see Robinhood, Coinbase, Bybit, and Kraken as frontrunners in building this emerging infrastructure for non-U.S. investors.
Supportive Regulation Could Accelerate the Trend
One of the strongest tailwinds for equity tokenization is regulatory clarity. Bernstein cited SEC Commissioner Hester Peirce’s statements on market structure reform and pointed to the proposed CLARITY Act as a key milestone.
If passed, this legislation would:
- Define token securities vs. token commodities
- Enable platforms to handle traditional and tokenized assets under joint CFTC–SEC supervision
- Facilitate broker-dealer custody of digital assets
- Eliminate outdated capital rules penalizing tokenized holdings
Robinhood’s letter to the SEC earlier this year emphasized that blockchain-native finance improves transparency, reduces settlement friction, and lowers costs — all essential upgrades for modernizing capital markets.
Tokenization Is Inevitable
Despite the OpenAI consent controversy, analysts believe that equity tokenization is inevitable. Bernstein projects that regulatory clarity, growing institutional interest, and advances in blockchain infrastructure will converge to unlock a global tokenized equity marketplace in the near future.
As private and public market investors alike seek fractional ownership, 24/7 liquidity, and reduced friction, platforms that pioneer responsible tokenization frameworks may gain a lasting competitive edge.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.