Key highlights:

  • AMC jumped ~21% after CEO Adam Aron blasted Robinhood's tokenized AMC stock as "contemptible" and "vile."
  • Robinhood's program covers 190+ companies and hit $1B in Uniswap trading volume in August, as the broader tokenized-stock market reached ~$3B.
  • The dispute echoes earlier objections from OpenAI and SpaceX, with SEC Commissioner Peirce warning blockchain technology doesn't change the legal nature of underlying assets.
     

AMC Entertainment shares jumped nearly 21% in overnight trading Friday after CEO Adam Aron publicly challenged Robinhood over its tokenized version of AMC stock.

AMC traded around $3.07 overnight, up from Thursday’s close of $2.54. The stock was also up about 15.2% in premarket trading at roughly $2.92. However, the price has since corrected to around $2.68 at the time of writing.

 

The rally came after Aron criticized Robinhood’s tokenized stock offering, arguing that products linked to AMC shares could undermine shareholder rights and raise questions about whether the tokens comply with U.S. securities regulations.

Why AMC is challenging Robinhood’s tokenized version of its stock

The dispute began after Aron took aim at Robinhood’s stock-token initiative in a post on X, claiming the company had no involvement in or connection to the AMC token and had not authorized or endorsed the product. 

He said the company would ask its outside securities counsel to examine the matter.

“I find this practice to be contemptible, outrageous, disgusting, detestable, inexcusable, and vile,” Aron wrote, questioning how the arrangement could be legal.

Robinhood’s disclosures state that its stock tokens are issued by Robinhood Assets (Jersey) Limited, a private company incorporated in Jersey. 

The tokens have not been registered under the U.S. Securities Act of 1933 or with U.S. state securities regulators and are intended to be offered outside the United States to investors who are not U.S. persons.

The disclosure also describes the Jersey issuer as “not regulated,” while noting that it has obtained certain local consents that do not constitute prudential supervision or an endorsement of the products.

AMC CEO Aron attacks Robinhood stock tokens as ‘contemptible’ and ‘vile’

Robinhood CEO Vlad Tenev briefly responded to Aron’s criticism by asking, “What’s the concern?” Aron replied that his concerns were “almost existential,” arguing that U.S. securities laws protect investors and that AMC spends millions of dollars complying with those requirements.

Aron also questioned whether the tokens provide the same rights as actual AMC shares, including voting and ownership rights. 

He argued that the products could create a separate market for AMC exposure without giving investors direct ownership of the company and called on Robinhood to “cease and desist” trading AMC stock tokens.

The controversy has drawn support and criticism from crypto and financial-market commentators. 

Carlos Domingo, co-founder and CEO of Securitize, supported Aron’s concerns, arguing that executives of publicly traded companies could reasonably object to offshore instruments based on their shares being created and traded independently.

Others defended Robinhood or questioned whether AMC’s reliance on equity issuance could influence its opposition to alternative forms of stock exposure.

Retail investor reactions have remained mixed, with some calling for AMC to pursue legal or regulatory action rather than continue criticizing Robinhood publicly.

Despite the dispute, both companies have recorded gains in 2026. Robinhood shares are up more than 8% year to date, while AMC shares have climbed nearly 56%.

 

OpenAI, SpaceX, and others raise concerns as Robinhood expands tokenized stocks

The controversy is not the first time Robinhood’s tokenized products have faced objections from the companies they reference.

A similar dispute arose last year over tokens tied to private companies, including OpenAI and SpaceX. 

Robinhood distributed the tokens to European users, but OpenAI said it had not partnered with or endorsed the offering and stressed that the tokens did not represent OpenAI equity.

Robinhood has argued that its tokenized products provide economic exposure through financial structures rather than direct ownership of the underlying companies.

The rollout also drew regulatory scrutiny. SEC Commissioner Hester Peirce warned that blockchain technology does not change the legal nature of the underlying asset.

Concerns have continued this year, with OpenAI and Anthropic warning that unauthorized products offering exposure to their shares could leave investors without the ownership rights they expect.

Robinhood’s tokenized stock market expands as trading volume reaches $1 billion

The AMC dispute comes as tokenized stocks gain traction as part of the broader effort to bring traditional financial assets onto blockchains.

Robinhood launched tokenized U.S. stocks and ETFs in Europe in 2025 before expanding its blockchain strategy with Robinhood Chain, an Ethereum Layer 2 built using Arbitrum technology. 

The network launched in July with 95 tokenized equities, allowing stock tokens to move as ERC-20 assets and interact with decentralized exchanges and lending applications.

Activity has accelerated, with tokenized-stock trading volume through Uniswap on Robinhood Chain reaching $1 billion in August, according to Uniswap founder Hayden Adams.

The broader tokenized-stock market is now worth about $3 billion, up 8.1% in 30 days and 248.2% over six months. 

Robinhood holds roughly $130.8 million, giving it a 4.3% market share and ranking it sixth among issuers.