AMC Chief Fires Back at Robinhood's Tokenized Stock Plan
AMC Entertainment Holdings CEO Adam Aron has come out against Robinhood's tokenized stock offerings, stating that they have no affiliation and are an 'outrageous' offering with no link to AMC. The company will request an investigation from its outside securities counsel, as the stocks may not be offered to US investors and are subject to restrictions in several other jurisdictions.
Roninhood's tokenized stock offerings provide economic exposure to AMC shares, but Aron claims they are not registered under US securities laws. This criticism comes amidst scrutiny of tokenized stocks, which are blockchain-based shares tracking the price of traditional company shares. Platforms including Bybit and Binance canceled their tokenized SpaceX IPO campaigns earlier in June due to issues with Kraken-owned xStocks' inability to deliver underlying assets.