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FollowingCore Points
- Robinhood CEO Vlad Tenev said that listed companies have no right to interfere with third-party financial instruments that cite their shares.
- Tenev confirmed that Robinhood's tokenized shares represent debt instruments, fully backed 1:1 by actual shares, but do not include voting rights.
- AMC CEO Adam Aron accused Robinhood's AMC token offering of "despicable" and demanded that related transactions be immediately stopped.
- These tokens were issued by Robinhood Assets (Jersey) Limited under Regulation S and U.S. investors were not allowed to participate.
- AMC has hired external legal counsel to review the token framework, but has not yet released the results of its investigation.
Analysis of token structure
Robinhood's tokenized equity products operate as debt instruments and are issued by Robinhood Assets (Jersey) Limited, which is independent of its U.S. brokerage business unit. Each token is fully backed by a corresponding single stock as collateral. Individuals holding these tokens are eligible for dividend distribution, but give up voting rights associated with the underlying equity. When asked if Robinhood planned to exercise voting rights for token holders, Tenev said no announcement had been made. According to Tenev, whether issuer approval is required depends on product design, and Robinhood's token architecture should not inherently require authorization from companies that refer to its shares.
Industry experts 'views
Other leaders in the tokenization industry distinguish Robinhood's methodology from true tokenized equity products. Graham Rodford, head of U.K. regulated digital platform Arax, highlighted the key difference between blockchain native shares and separate tracking tools. "Real tokenized equity means the actual stock is placed on the blockchain." Rodford explained. Carlos Domingo, CEO of Securitize, pointed out that a pair of AMC-related token trading pairs traded at about 60 times AMC's actual share price, raising questions about the reliability of pricing in a limited liquidity token environment. Armani Ferrante, co-founder and CEO of Backpack, acknowledged that some objections about AMC are reasonable in terms of capital formation, indicating that token market activity does not automatically translate into demand for underlying stocks.
Follow-up progress
External legal review of AMC is still ongoing. As of Wednesday, Robinhood continued to publicly defend its token structure and had not announced any regulatory intervention.
