AMC Stock Jumps 15% After CEO Aron Clashes With Robinhood Over Tokens

AMC Entertainment shares surged more than 15% in premarket trading on Friday. Chief executive Adam Aron and Robinhood boss Vlad Tenev are publicly feuding over tokens that track AMC stock.

Aron has demanded that Robinhood stop those tokens. They reflect AMC's price from an offshore vehicle and provide no ownership or voting rights.

AMC Stock Jumps 15% but Stays Down on the Week

In Friday premarket trading, AMC stock stood at $2.92, up 15.19% or 38.5 cents. It earlier hit around $3.03 before pulling back.

At $2.92, the company's market capitalization is approximately $2.6 billion across roughly 893 million shares. That compares with $2.27 billion at Thursday's closing price of $2.54.

The five-day view is less impressive. AMC stock remains down 5.93% over that period. Shares traded between $2.50 and $2.72 for most of the week before Friday's gap higher.

BeInCrypto asked last week whether meme coins trading against tokenized stocks could influence the actual shares. Friday's move is the most direct test of that question to date.

What Set the AMC Stock Move Off

The point of friction for Aron is that Robinhood was behind tokenized versions of AMC and more than 190 other companies. He described the practice as contemptible.

Robinhood apparently is behind an effort related to “tokenized real-world assets including Stock Tokens” for AMC Entertainment (and supposedly 190+ other companies). They are not registered under U.S. securities laws !!!!!!

I find this practice to be contemptible, outrageous,…

— Adam Aron (@CEOAdam) September 3, 2026

Robinhood CEO Vlad Tenev has since responded.

“What’s the concern?” wrote Tenev in a post.

Aron then replied at length. He argued that AMC spends millions each year complying with US securities law. Robinhood, however, issues the tokens roughly 3,000 miles offshore in Jersey.

He stated the demand clearly.

“I hereby call on you and Robinhood to voluntarily CEASE AND DECIST the trading of AMC stock tokens. If you don’t, our high priced securities counsel has been asked to see whether we can force you to stop,” Adam Aron articulated.

He added that AMC would ask the Securities and Exchange Commission (SEC) how it can support the arrangement.

A $2.8 Million Token Market Against a $2.6 Billion Company

Robinhood's own disclosures describe the products as tokenized debt securities from Robinhood Assets (Jersey) Limited, an entity the company says is not regulated. Each token is backed one for one by real shares held with a US custody partner.

Scale is where Aron's complaint meets the data. The main AMC token pool holds about $382,600 in liquidity, according to GeckoTerminal. Roughly 2,000 addresses hold the token, and its market value sits near $2.8 million.

Meanwhile, Robinhood Chain launched on July 1 to carry tokenized assets. Meme coin traders have since taken over the network, routing most of its volume.

OpenAI made a similar objection in July 2025, saying Robinhood's OpenAI tokens were not equity. BeInCrypto reported then that the wallet distributing those tokens had an unusual on-chain history.

No cease-and-desist letter has been published, and the SEC has stayed quiet. For now, a $2.8 million token market has moved a $2.6 billion listed company. Whether the gain survives Friday's open is the next test.