- AMC CEO Adam Aron publicly criticized Robinhood’s tokenized AMC stock offerings, stating the company has no affiliation and will launch an investigation.
- Robinhood co-founder Vlad Tenev responded by asking for specific concerns, while the platform’s tokenized stock offerings remain unregistered under US securities laws.
- The controversy follows recent cancellations of tokenized SpaceX IPO allocations by several crypto exchanges due to delivery issues.
- Robinhood has been expanding its tokenization initiatives, including plans to tokenize nearly 500 US stocks and ETFs on Arbitrum.
Adam Aron, CEO of AMC Entertainment Holdings, publicly criticized Robinhood‘s tokenized stock offerings that provide economic exposure to AMC shares, stating the company has no affiliation and will have its securities counsel investigate the matter. He called the unregistered tokens an “outrageous” offering in a Friday X post.
Aron added that these tokenized stocks may not be offered to US investors and are subject to restrictions in several other jurisdictions, including Canada, Switzerland and the UK. The criticism is the latest targeting tokenized stocks, which are blockchain-based shares tracking traditional stock prices.
Meanwhile, this follows a recent incident where several crypto exchanges canceled their tokenized SpaceX IPO allocations due to delivery issues. Robinhood co-founder Vlad Tenev responded on X, asking Aron to share his exact concerns, while the platform has not issued a public statement.
Robinhood first launched stock tokens in July 2026 as tokenized debt securities issued by Jersey-based Robinhood Assets as ERC-20 tokens, according to its documentation. The company also launched a public testnet for its Ethereum layer-2 network, Robinhood Chain, in February.
In October 2025, Robinhood shared plans to tokenize nearly 500 US stocks and ETFs on Arbitrum. Bernstein analysts subsequently raised their price target on Robinhood Markets, predicting that tokenized equities and prediction markets will drive the platform’s next growth phase.
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