All-In with Chamath, Jason, Sacks & Friedberg

Robinhood CEO Vlad Tenev on tokenizing stocks, expanding access to private shares, fintech's future

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Sep 15, 2025

Vlad Tenev, Co-founder and CEO of Robinhood, discusses the revolutionary potential of tokenizing stocks, including shares in companies like OpenAI and SpaceX. He shares insights on the shifting political landscape and how it affects financial regulation and investor access. Tenev also highlights the importance of educating young investors about financial tools and risks. Additionally, they explore the role of mathematical superintelligence in fintech, aimed at enhancing AI capabilities to improve user engagement and product offerings.

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ANECDOTE

Early Pitch At Antonio's Nuthouse

Jason Calacanis recounts meeting Vlad at Antonio's Nuthouse where Vlad pitched Robinhood to get millennials trading stocks.
Jason invested early after Vlad promised free trading and Vlad later built the company into a major platform.

INSIGHT

Tokenization Unlocks Illiquid Assets

Vlad framed a tokenized Robinhood as stocks on blockchains with crypto-native features and 24/7 trading.
He emphasized tokenization's power to make illiquid assets accessible to retail investors.

ANECDOTE

Tokenizing OpenAI And SpaceX

Vlad described tokenizing OpenAI and SpaceX and distributing tokenized shares to European retail customers as a giveaway.
He noted the move generated controversy but showcased the capability to tokenize private company exposure.

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(0:00) Introducing Vlad Tenev

(0:51) Jason tells his story of investing in Robinhood

(3:17) Tokenizing securities, offering tokenized shares in OpenAI and SpaceX, controversy

(7:29) Operating under Trump vs Biden, why offering tokenized securities for private companies could be revolutionary

(17:01) Criticisms around expanding access to sophisticated financial products

(19:34) Current landscape of financial companies, Robinhood’s future, competing with incumbents

(23:28) Harmonic and building mathematical superintelligence

Thanks to our partners for making this happen!

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Circle - The America-based company behind USDC — a fully-reserved, enterprise-grade stablecoin at the core of the emerging internet financial system. https://www.circle.com/

BVNK - Building stablecoin-powered financial infrastructure that helps businesses send, store, and spend value instantly, anywhere in the world. https://www.bvnk.com/

Polymarket: https://www.polymarket.com/

Athletic Brewing: https://athleticbrewing.com/

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