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

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 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.

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 "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 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.

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.

Never miss a beat with The Block'sdaily digestof the most influential events happening across the digital assetecosystem.