Robinhood Pledges Votes and Real Shares for Stock Tokens After AMC CEO's Attack

Robinhood has committed to providing its stock token holders with voting rights and the underlying shares — moves that could undermine its own legal position.

The announcement arrived on Monday, just 10 days after the chief executive of cinema operator AMC branded the same tokens a quasi-fake market and urged Robinhood to halt their sale.

What Robinhood Users Are Actually Buying

A Robinhood stock token is not an actual share but an IOU. The tokens are issued by Robinhood Assets (Jersey) Limited, a firm incorporated on a small island in the English Channel. It operates without regulation, instead each token mirrors a share's price and delivers the cash equivalent of dividends.

“This quasi-fake market you are creating on the island of Jersey sows distrust amongst the public about financial markets in general. There already is distrust in financial institutions, you are potentially making it far worse,” AMC CEO Adam Aron stated recently.

What it does not do is confer ownership. You cannot vote, your name never appears on the company's share register, and you cannot return the token to receive the actual stock. Robinhood now indicates two of those limitations will be addressed.

“…they [in-kind redemption and voting rights] are coming. Step one is to scale adoption of Stock Tokens. We’re actively working on redemptions for shares 1:1 with voting for eligible Stock Token holders on the roadmap. We know how to do this well,” wrote Johann Kerbrat, Senior Vice President and General Manager of Crypto and International at Robinhood.

He provided no timeline, no country list, and no criteria for eligibility. Robinhood CEO Vlad Tenev also confirmed the plans.

In-kind redemption and voting are coming for Robinhood Stock Tokens https://t.co/N61gOOEJQU

— Vlad Tenev (@vladtenev) September 14, 2026

Robinhood is not asserting Aron is mistaken. It is pledging to address the issue he raised.

Why AMC CEO Is Furious

Adam Aron runs AMC. On September 4 he called the tokens contemptible and said his company had no involvement with them. AMC shares climbed 15% that morning to $2.92.

His grievance is concise, given that AMC spends millions annually complying with American securities law. Robinhood sells a product bearing AMC's name from an island roughly 3,000 miles away.

The financial stakes are smaller than the uproar suggests. The entire AMC token market was valued at about $2.8 million. AMC itself was worth $2.6 billion.

BeInCrypto noted at the time that Aron's next move would determine whether the clash over tokenized listings remained a verbal dispute or became a genuine test of tokenized stock rules. Robinhood acted first and did not retreat.

That is where the trap lies. The core of Tenev’s earlier defense is that these tokens are a distinct product, so AMC has no authority.

Grant holders votes and real shares, and the token begins to resemble the stock. Aron’s argument gains strength the moment Robinhood fulfills its pledge.