AMC and Robinhood clash over who controls tokenized stocks

AMC Entertainment CEO Adam Aron is challenging Robinhood over a token linked to the theater chain that traded on the brokerage’s platform without AMC’s involvement. 

Aron called the practice “contemptible” and “outrageous” and demanded that Robinhood stop trading the token. Robinhood co-founder Vlad Tenev responded on X by asking, “What’s the concern?”

The dispute highlights a broader question emerging as crypto firms race to put US stocks on blockchains: how much control should public companies have over products tied to their shares? 

Some tokenized products are backed by actual stock, while others simply track a company’s price. In some cases the issuer is involved; in others, a token carrying the company’s name can begin trading without its approval.

Robinhood’s general manager of crypto, Johann Kerbrat, said the backlash reflects a misunderstanding of tokenized stocks. He compared them with stock options and exchange-traded funds, arguing that issuers do not have to approve every financial product built around their shares. 

Tenev said companies should control the rights attached to their stock, but not necessarily every product that references it.

The distinction matters for investors. Robinhood offers debt securities outside the US that track and are backed by US shares but remain separate from the underlying stock. 

Tenev said Robinhood plans to add voting rights for token holders and allow investors to swap shares for tokens. Other platforms offer synthetic tokens that track prices without being backed by the securities themselves. 

Superstate and Securitize are working directly with public companies to preserve rights such as voting and dividends.

About $2.84 billion of tokenized stocks were outstanding worldwide, up 14.5% in 30 days, according to RWA.xyz. The number of holders rose 164% to 3.5 million. 

Most products are wrappers designed to track shares, which can make it harder for retail investors to understand what rights they actually receive.

Tokenized-equity trading remains concentrated overseas, but US regulators are considering an innovation exemption for tokenized securities. 

The Securities and Exchange Commission delayed a plan amid questions from exchanges and public companies, including whether third parties should be able to offer products tied to a company’s stock without consent.

Supporters say tokenized stocks can provide fractional ownership, faster settlement and trading beyond regular market hours. 

Critics warn that thin liquidity can cause a token’s price to diverge from the stock it tracks, while companies may have legal recourse if third parties use their names without authorization. 

The argument between Aron and Tenev therefore reaches beyond AMC: it could help define who controls the next generation of blockchain-based equity products.