TLDR
- AMC stock rose around 7% Friday after CEO Adam Aron publicly attacked Robinhood over tokenized AMC stock tokens
- Aron said the tokens are not registered under U.S. securities laws and AMC has no connection to the initiative
- Robinhood CEO Vlad Tenev responded with a brief “What’s the concern?” on X
- Aron threatened legal action and called on Robinhood to “cease and desist” trading the tokens
- AMC also launched Leawood Films, a new distribution venture targeting small and mid-sized movies for theaters
AMC Entertainment (AMC) stock climbed around 7% on Friday after CEO Adam Aron went public with a sharp attack on Robinhood Markets over what he called unauthorized tokenized versions of AMC stock.
AMC Entertainment Holdings, Inc., AMC
The stock was trading at $2.68 in premarket Friday, up 5.57%, before extending gains through the session.
Aron posted on X Thursday saying Robinhood “apparently is behind an effort related to ‘tokenized real-world assets including Stock Tokens’” covering AMC and more than 190 other companies.
He said AMC has “no connection to this at all” and does “not condone it in any way.”
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
Aron called the practice “contemptible” and “outrageous,” and said AMC’s outside securities counsel would review whether the company could force Robinhood to stop.
What Are the Tokens?
Robinhood’s website states that the Stock Tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited, a company incorporated in Jersey.
The tokens are not registered under U.S. securities laws and cannot be offered or sold to U.S. persons.
Robinhood CEO Vlad Tenev responded to Aron’s post with a single public question: “What’s the concern?”
Aron replied that the implications were “almost existential,” arguing the tokens could undermine the relationship between genuine share ownership and a company’s ability to raise capital.
He also pointed out that stock ownership gives shareholders voting rights, while the tokens provide economic exposure only, with no legal ownership rights.
Aron called on Robinhood to “CEASE AND DESIST” trading AMC tokens immediately.
Leawood Films Adds Another Story
Separately, AMC announced the launch of Leawood Films, a new distribution company focused on bringing small and medium-sized films to theaters.
The venture will not fund production or develop scripts. Instead, it will distribute fully financed or completed movies using AMC’s existing theater network and marketing reach.
The move follows a strong second quarter for AMC, driven by blockbuster releases including The Odyssey and Spider-Man: Brand New Day, which helped push attendance to historic levels.
Leawood Films builds on AMC’s earlier distribution work with Taylor Swift and Beyonce concert films in 2023 and 2025.
Hollywood veterans Toby Emmerich, Ricky Strauss and Kyle Davies will advise the venture. AMC expects initial releases no earlier than 2027 or 2028.
From a technical standpoint, AMC is trading above all key moving averages. The 50-day and 200-day SMAs crossed in a golden cross in July. The RSI sits at 50.46, which is neutral.
Macquarie maintained a Neutral rating on Sept. 2 and raised its price target to $3. AMC carries a Hold consensus rating with an average price forecast of $2.74.
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