AMC CEO Slams Robinhood Over Tokenized Shares

AMC Entertainment's CEO Adam Aron is not pleased with Robinhood's decision to tokenize AMC shares. On September 3, 2026, he publicly criticized the move, calling it 'contemptible.'

Aron claims that AMC had zero involvement in creating the tokenized product and never gave consent for it. He argues that these tokens are not real AMC shares, but rather structured as tokenized debt securities.

This means buyers get price exposure to AMC's stock movement, but they do not have voting rights or any form of legal ownership in the company. Aron believes this creates a 'quasi-fake market' where trading activity happens in a parallel universe, disconnected from AMC's actual capital structure.

Robinhood launched its own blockchain, Robinhood Chain, on July 1, 2026, which supports tokenized versions of over 190 US stocks and ETFs. The company began experimenting with tokenized stock products as early as 2025.

Aron's argument boils down to a question of market integrity: if millions of dollars flow into tokenized versions of AMC stock that carry no shareholder rights, who is liable?