AMC Entertainment CEO Adam Aron has called on Robinhood to stop trading AMC-linked stock tokens, threatened legal action and said the cinema operator would raise the issue with the U.S. Securities and Exchange Commission. The escalation, reported on September 5, follows AMC shares rising nearly 21% in overnight trading to about $3.07, according to TradingView data cited by The Block.
Aron demands Robinhood halt AMC-linked token trading
AMC CEO Adam Aron called on Robinhood to cease trading AMC-linked tokens, said AMC could pursue legal action and planned to bring the matter to the SEC, CoinDesk reported.
In a September 4 post on X, Aron said AMC had neither approved nor had a connection to Robinhood’s tokenised AMC shares. He described the practice as “outrageous” and said AMC’s outside securities counsel would review it.
AMC has no connection to or approval of Robinhood’s tokenized AMC shares, Aron said in his September 4 statement.
How Robinhood’s Stock Tokens work
The dispute centres on what holders receive: price exposure rather than ownership.
Robinhood has said its Stock Tokens are tokenised debt securities issued by Robinhood Assets (Jersey) Limited, not shares issued by the companies they track.
Its July product announcement says the tokens provide economic exposure to underlying securities without granting legal or beneficial rights in them. On Robinhood’s stated structure, an AMC-linked token therefore is not an ownership interest in AMC or a vehicle for the rights attached to AMC common stock.
Official Robinhood Stock Tokens product visual showing tokenized stock holdings in the Robinhood Wallet. — Source: Robinhood
AMC shares rise in overnight trading
AMC shares traded at about $3.07 after climbing nearly 21% in overnight trading on September 4, based on TradingView data reported by The Block. The available reporting documents the move but does not establish that the token dispute caused it.
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