AMC Vs. Robinhood: Vlad Tenev Lays Out 3 Factors Behind Stock Tokenization Consent

• Tenev stated that public companies control the rights and obligations attached to their own shares but do not necessarily control every third-party financial product that references those shares. 
• Tenev compared Robinhood’s tokenized stocks with existing financial products such as ADRs, ETFs and structured notes.
• Robinhood says its stock tokens are “one-to-one backed” by underlying shares and provide economic exposure, but token holders do not receive voting rights.

Robinhood Markets (HOOD) CEO Vlad Tenev on Wednesday pushed back against AMC Entertainment (AMC) CEO Adam Aron’s criticism of tokenized stocks, stating that public companies do not necessarily have the power to block financial products created by third parties that reference their shares.

In an interview with CNBC, Tenev stated that whether an issuer’s consent is required depends on property rights, issuer authority and technology neutrality. “Issuers should have control and do have control over the rights and obligations of the stock that they issue, but that doesn't mean they control everything about it,” he stated.

HOOD stock gained 1.3% in morning trade, while AMC stock dipped around 0.4% amid weakness in the broader market. On Stocktwits, retail sentiment around HOOD trended in ‘bullish’ territory over the past day, while sentiment around AMC improved to ‘bullish’ from the ‘neutral’ zone.

Tenev Defends Third-Party Tokenized Stocks

Tenev said public-company shares are transferable property and that issuers control the rights and obligations attached to their own stock, but not necessarily every security created by another company that references those shares. 

“Number one is just property rights. So public company shares are transferable and considered personal property,” Tenev said. “I don't think just because something's on the blockchain means that it should be handled anything any differently than in the traditional financial world.”

Tenev compared the setup with other financial products, saying it is “akin to how ADRs work” and has similarities to ETFs and structured notes. He added that Robinhood’s stock tokens are “one-to-one backed” by underlying shares and provide economic exposure, but acknowledged that token holders do not receive voting rights.

AMC CEO Calls Robinhood’s Tokenized Shares ‘Contemptible’

Tenev’s comments come after Aron last week called Robinhood’s tokenized AMC shares “contemptible, outrageous, disgusting, detestable, inexcusable, vile” and demanded that the company stop trading them. 

Aron said AMC had no connection to the tokens, adding that the products could interfere with companies’ ability to raise capital and deprive investors of shareholder rights.

According to Tenev, that’s not the case. “He [Aron] gets access to a whole new shareholder base. People who have exposure to his stock,” he said.

Robinhood launched its stock tokens in the European Union in June 2025, starting with private company shares like OpenAI and later expanded it globally to over 120 countries. 

Mizuho on Wednedsay raised the its price target on Robinhood to $140 from $130 and kept an 'Outperform' rating on the shares.  The firm said the anticipated AI initial public offerings in October and in 2027 could meaningfully boost Robinhood's trading volumes. It creditted Robinhood's 33% rally relative to the S&P 500 since early August to excitement surrounding prediction markets. 

Mizuho also increased the company's 2026 and 2027 revenue estimates on the expected retail trading boost from the IPOs of AI companies.

Read also: Apple’s Foldable iPhone Could Become The ‘Birkin Of Smartphones’ In China, Analyst Says – But Others Think The Odds Are 4 To 1 Against The Company

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