Adam Aron, the CEO of AMC Entertainment Holdings, criticized Robinhood’s tokenized stock offerings that provide economic exposure to AMC shares, stating the company has no affiliation and that it will have a securities counsel investigate the matter.
Robinhood’s stock tokens are not registered under US securities laws and are an “outrageous” offering with no affiliation to AMC, Aron wrote in a Friday X post, adding that the company will request an investigation from its outside securities counsel.
Aron added that these stocks may not be offered to US investors and that they are subject to restrictions in several other jurisdictions, including Canada, Switzerland and the UK.
The remarks come as the latest criticism targeting tokenized stocks, which are blockchain-based shares tracking the price of traditional company shares. Tokenized stock recently came under scrutiny when some crypto exchanges canceled their SpaceX IPO allocations earlier in June.
Platforms including Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns as SpaceX went public on the Nasdaq, with several blaming Kraken-owned xStocks’ inability to deliver the underlying assets.
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Robinhood launches tokenization initiatives
Robinhood co-founder and CEO, Vlad Tenev, responded to the criticism on X by asking Aron to share his exact concerns tied to the tokenized offering. The platform did not issue a public statement.
Cointelegraph has approached Robinhood for comment on the remarks and the regulatory status of its tokenized stock offerings.
The first generation of Robinhood stock tokens launched in July 2026 as tokenized debt securities issued by Jersey-based Robinhood Assets as ERC-20 tokens, providing economic exposure to underlying assets such as US stocks and exchange-traded funds.
In February, Robinhood launched a public testnet for Robinhood Chain, its Ethereum layer‑2 network built using Arbitrum technology to host tokenized assets.
In October 2025, Robinhood shared plans to tokenize nearly 500 US stocks and ETFs on Arbitrum, as part of its push into tokenized assets.
In July 2026, Bernstein analysts raised their price target on Robinhood Markets, predicting that the platform’s next phase of growth will be driven by tokenized equities and prediction markets, rather than traditional crypto trading.
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