股市新物种：“股票代币”概念爆火，HOOD能否改写散户命运？

Group 1 - Robinhood has launched a new service called "stock tokens" in the European market, allowing users to trade over 200 U.S. stocks and ETFs, including Nvidia, Apple, and Microsoft [1] - The company plans to introduce tokens linked to private company stocks, including OpenAI and SpaceX, aiming to provide retail investors access to these private unicorns [1] - Following the announcement, Robinhood's stock price surged by 12.77% on June 30 and reached a historical high of $100.88 on July 2, indicating strong market expectations for its tokenization business [1] Group 2 - OpenAI issued a statement clarifying that the "OpenAI tokens" do not represent equity in the company and that they have not authorized any equity transfer, which negatively impacted Robinhood's stock price [3][5] - Following OpenAI's statement, Robinhood's stock price fell by 3.65% on July 3, closing at $94.40, with intraday losses nearing 6% [5] Group 3 - Stock tokens are a blockchain-based representation of securities, allowing for the tokenization of stocks, where holders receive economic rights but not direct ownership [6] - Advantages of stock tokens include 24/7 trading, decentralized custody, participation in DeFi activities, and breaking down barriers to private market access [7] - However, risks include the lack of real ownership, unclear legal status, opacity of underlying assets, and high technical barriers for retail investors [8][9] Group 4 - Robinhood's market capitalization exceeds $83.3 billion, surpassing over 370 companies in the S&P 500, yet it has not been included in the index [10][11] - The reasons for this exclusion include insufficient consistent profitability and the complexity of the company's structure, particularly with its non-traditional token business [12] Group 5 - Robinhood's stock tokenization initiative represents a bold experiment in fintech, aiming to democratize access to private market investments for ordinary investors [13] - Despite its innovative approach, the execution and legality of the initiative remain in a gray area, requiring time and regulatory consensus for validation [13]