The Daily: Robinhood CEO clarifies OpenAI ‘stock tokens’ after Sam Altman firm slams move, Strategy faces bitcoin-related lawsuit, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! Bitcoin briefly reclaimed $110,000 this morning as macro tailwinds and institutional flows lifted crypto, but analysts say a clear catalyst is still needed to break new all-time highs.

In today's newsletter, Robinhood CEO Vlad Tenev says OpenAI "stock tokens" are derivatives rather than equity after pushback from Sam Altman's company. Plus, a New York law firm files a class action against Strategy over alleged misleading bitcoin investment disclosures, the first spot Solana staking ETF sees $33 million in volume on its debut, and more.

Meanwhile, Sen. Cynthia Lummis renews the push for crypto tax reform with a new bill in the hope of getting it to President Trump's desk.

Let's get started.

Robinhood CEO Vlad Tenev clarifies OpenAI 'stock tokens' after Sam Altman firm slams move

Robinhood CEO Vlad Tenev clarified that its new OpenAI and SpaceX "stock tokens" are blockchain-based derivatives that give retail investors a way to track valuations, "not technically equity," as outlined in its terms.

• Tenev framed the tokens as "a seed for something much bigger," aiming to bring more private companies into the tokenization trend.
• OpenAI earlier pushed back on the move, saying it did not authorize any token representing its stock, with the Sam Altman-led firm urging investors to review official filings before purchasing the instruments.
• Robinhood unveiled the tokenized stocks at a Cannes crypto event this week, offering EU customers free bundles minted on Arbitrum alongside a slew of other crypto product launches, including perpetual trading and staking, as well as its own Layer 2 network.
• The firm plans to expand the offering to more than 200 public U.S. equities and private-company stakes. Robinhood joins Bybit, Kraken, and Gate in offering tokenized shares aimed at non-U.S. investors.

NY law firm files class action against Strategy

New York-based law firm Pomerantz LLP filed a class action lawsuit against Michael Saylor's Strategy, alleging it misled investors about the profitability and risks of its bitcoin investment playbook.

• The complaint claims Strategy downplayed bitcoin's volatility while overstating gains from its treasury operation and failing to fully disclose the impact of adopting new fair value accounting rules.
• The lawsuit cites a $5.9 billion unrealized bitcoin loss in Q1 2025 after switching from the firm's prior cost-less-impairment model, which triggered an 8% stock drop.
• Pomerantz said investors who bought Strategy shares between April 2024 and April 2025 can join the class action until July 15.

First spot Solana staking ETF notches $33 million in volume on day one

The "REX-Osprey Solana + Staking ETF" debuted Wednesday as the first U.S.-approved crypto staking ETF, posting $33 million in day-one trading volume, according to Bloomberg ETF analyst Eric Balchunas.

• The fund, which started with $1 million in AUM, offers regulated Solana staking exposure under the Investment Company Act of 1940, an alternative to the typical Securities Act of 1933 route for spot crypto ETFs in the U.S.
• The fund tapped Anchorage Digital, the only federally regulated bank approved to custody and stake crypto, as its qualified custodian.
• Anchorage CEO Nathan McCauley called staking "the next chapter in the crypto ETF story," while the SEC signaled ongoing scrutiny of crypto ETF listings despite the milestone launch.

TON developer The Open Platform raises $28.5 million Series A at $1 billion valuation

The Open Platform has raised $28.5 million in a Series A round led by Ribbit Capital, hitting a $1 billion valuation and unicorn status among TON-focused startups.

• Pantera Capital also joined the round, backing TOP's mission to support developers building on the Telegram-linked blockchain, The Open Network.
• TOP plans to use the funds to expand into the U.S., EU, and other regions, focusing on infrastructure, compliance, and go-to-market strategies for its portfolio companies.
• CEO Andrew Rogozov said the goal is to "onboard a billion users to crypto" by combining TON's blockchain with Telegram's global reach.

Franklin Templeton flags 'dangerous' feedback loop risk for crypto treasury firms

Franklin Templeton Digital Assets warned that corporate crypto treasury firms face an uncertain future, as their model's success hinges on maintaining a premium to NAV and navigating market volatility.

• Franklin's analysts said that while raising capital at a premium, crypto asset appreciation, and potential staking revenue offer upside, falling prices risk triggering a "dangerous" negative feedback loop.
• They cautioned that the corporate accumulation boom marks a new phase of institutional crypto adoption but comes with high risks if a prolonged downturn erodes investor confidence and capital formation.

In the next 24 hours

• Eurozone PPI figures are out at 5 a.m. ET on Friday. U.S. markets are closed for Independence Day.
• ECB President Christine Lagarde will speak at 3:30 a.m.
• IOTA, Moca Network, and Euler are set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

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