AMC Entertainment Chairman and CEO Adam Aron publicly slammed Robinhood’s AMC stock token on X on September 4, emphasizing that AMC had never participated in, authorized, or endorsed the arrangement. AMC shares briefly rose approximately 21% in overnight trading after the news was announced. Aron subsequently demanded that Robinhood terminate trading of the AMC stock token.
Adam Aron: AMC Never Authorized the Stock Token
Adam Aron publicly slammed Robinhood’s AMC stock token on X on September 4, 2026, emphasizing that AMC had never participated in the related product and had neither authorized nor endorsed the arrangement. He described the practice as “despicable, outrageous, disgusting, and unacceptable.” Aron questioned whether Robinhood had used AMC’s name, without obtaining the company’s consent, to create another market linked to AMC’s share price, potentially diverting funds that otherwise would have flowed into actual AMC shares to the stock token.
He also announced that he would immediately ask AMC’s outside securities lawyers to review the matter. After the news gained traction, AMC shares briefly rose approximately 21% in overnight trading.
Legal Structure of Robinhood’s AMC Stock Token
According to Robinhood’s product documents, its stock token has the following basic structure:
Issuer: Robinhood Assets (Jersey) Limited, based in Jersey
Legal nature: Tokenized debt security
Rights obtained by holders: Economic exposure linked to AMC’s share price
Not included: Actual AMC shares
Not included: Voting rights and other shareholder rights
Robinhood positions its stock tokens as financial products that provide price exposure, distinguishing them from the direct issuance or transfer of AMC shares. CEO Vlad Tenev previously stated that third parties offering such stock tokens should not be required to obtain consent from the underlying company.
Robinhood Firmly Rejects Demand and Supports Tokenized Securities
Robinhood Chief Legal, Compliance, and Corporate Affairs Officer Dan Gallagher directly responded to AMC’s delisting demand on X: “Send your lawyers over, we’ll educate them.” Gallagher, who previously served as an SEC commissioner, emphasized that Robinhood has a thorough understanding of U.S. securities law and clearly stated that it would not stop offering the product as AMC requested.
CEO Vlad Tenev subsequently reposted Gallagher’s response and stated that the company “supports Stock Tokens.” A similar dispute had occurred previously: after Robinhood launched OpenAI equity tokens, OpenAI publicly clarified that it had not partnered with Robinhood or approved any share transfer. Tenev’s position at the time was consistent with his position in this case: tokenized products providing economic exposure do not require authorization from the underlying company.
Stock Token Market Size
According to statistics from The Block, as of September 1, 2026, the total marketcap of stock tokens had reached approximately $13.4 billion, up from approximately $2.5 billion at the beginning of the year and representing roughly fivefold growth. Stock tokens can provide 24/7 trading, faster settlement, and overseas investors with access to U.S. stock price exposure, but the structures behind different products vary considerably. Some are minted after custodial entities hold actual shares, while others track share prices through debt securities or other financial instruments, meaning that the rights investors actually obtain are not the same.
The direct confrontation between AMC and Robinhood has made “whether a listed company has the right to stop a third party from launching tokens linked to its shares” an emerging regulatory focus in the RWA and stock token sectors.
Frequently Asked Questions
Why did AMC ask Robinhood to delist its stock token?
AMC CEO Adam Aron argued that Robinhood launched a stock token linked to the company’s share price using AMC’s name without obtaining AMC’s consent, and that AMC had never participated in, authorized, or endorsed the arrangement. He was concerned that the product could divert funds that otherwise would have flowed into actual AMC shares.
Is Robinhood’s AMC stock token equivalent to holding AMC shares?
No. According to Robinhood’s product documents, the AMC stock token is issued by Robinhood Assets (Jersey) Limited and is legally a tokenized debt security. Holders obtain economic exposure linked to AMC’s share price but do not hold actual AMC shares or possess voting rights or other shareholder rights.
What is the status of the dispute between AMC and Robinhood as of September 7, 2026?
As of September 7, AMC had not formally filed a lawsuit, and the SEC had not announced an investigation. Robinhood CLO Gallagher rejected AMC’s delisting demand, while Robinhood CEO Tenev stated that the company “supports Stock Tokens.” The dispute between the two sides remains ongoing.
