Robinhood Stock Tokens to Gain Redemption and Voting Rights
Roland Hoelzl's $170 million Stock Tokens TVL is reaching new heights on Robinhood, but that may not be enough to satisfy some users. Robinhood Crypto chief Johann Kerbrat announced on X that in-kind redemption and voting are coming for the platform's stock tokens.
According to the base prospectus governing the tokens, holders are currently not entitled to physical delivery of the underlying shares or have any voting rights. However, Kerbrat stated that 'step one is to scale adoption of Stock Tokens' before implementing these features.
The final terms for individual tokens also specify that the underlying shares can be lent out to a borrower who retains all incidents of ownership and waives voting rights during the loan term.
Kerbrat pointed to Robinhood's shareholder engagement platform, Say by Robinhood, as the mechanism for voting. The platform allows shareholders to participate in actions like voting, but Stock Token holders currently do not have access to these rights.