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AMC Entertainment CEO Adam Aron has criticized Robinhood over a blockchain token tied to AMC shares, saying the theater chain did not authorize or participate in the product. Aron said AMC will ask outside securities counsel to review the offering, which Robinhood describes as a tokenized debt security backed by underlying stock.
Aron Says AMC Did Not Approve the Token
Aron said Thursday on X that AMC had “no connection” to Robinhood’s tokenized product and did not condone it. He questioned how the offering could be legal and objected to a product linked to AMC without the company’s involvement. Aron wrote:
“We have no connection to this at all, and do not condone it in any way.”
Robinhood Chairman and CEO Vlad Tenev responded directly on X with, “What’s the concern?” He did not address Aron’s legal questions in that reply.
Robinhood Token Tracks AMC but Is Not an AMC Share
Robinhood’s disclosures describe its current Stock Tokens as tokenized debt securities issued by Robinhood Assets (Jersey) Limited. Holders receive economic exposure to the underlying security but do not receive legal or beneficial ownership rights in the company whose shares they track.
Robinhood says each Stock Token is backed 1:1 by corresponding underlying equity held through Alpaca Securities, while token holders own the Robinhood-issued security rather than the share itself.
The Stock Tokens are not registered under the U.S. Securities Act of 1933. Robinhood’s documents state that they cannot be offered, sold or delivered in the United States or to U.S. persons.
AMC Review Raises Questions About Tokenized Stocks
Robinhood’s structure reflects a broader model in which third parties issue blockchain-based products tied to securities they hold. SEC Commissioner Hester Peirce has previously noted that these structures can expose buyers to counterparty risk because the token does not provide the same ownership rights as the underlying share.
Robinhood launched its current Stock Token offering on July 1 alongside the rollout of Robinhood Chain, with access in more than 120 countries subject to local restrictions. AMC has not announced a lawsuit or regulatory complaint, and Aron has only said outside securities counsel will review the product.
