- AMC CEO Adam Aron said Robinhood began offering tokenized AMC shares without AMC’s approval and warned the company’s securities counsel would take action.
- Aron argued that synthetic stock tokens separate ownership from a company’s capital-raising process and limit shareholder rights.
- AMC shares rose more than 5% early Friday, while Robinhood shares fell almost 4% after the dispute became public.
- Robinhood offers more than 190 stock tokens, and Coinbase, Nasdaq, the New York Stock Exchange and DTCC are also pursuing stock-tokenization initiatives.
Quotes
“I find this practice to be contemptible, outrageous, disgusting, detestable, inexcusable, vile”
“How can it possibly be legal? We have no connection to this at all, and do not condone it in any way.”
“What's the concern?”