AMC Entertainment AMC shares rose about 7% in trading on Friday after CEO Adam Aron sharply criticized Robinhood Markets’ efforts to offer tokenized real-world assets, including tokens linked to AMC stock.
Aron warned Robinhood CEO Vlad Tenev that the cinema chain could pursue legal action if the fintech company does not stop trading what AMC considers to be a synthetic representation of its shares.
“Robinhood apparently is behind an effort related to ‘tokenized real-world assets including Stock Tokens’ for AMC Entertainment (and supposedly 190+ other companies),” Aron wrote.
He said AMC had no connection to the initiative and did not authorize or endorse the tokenized securities.
“We immediately are going to have our outside securities counsel look into this,” Aron added.
The confrontation comes as AMC shares have gained roughly 60% this year, significantly outperforming the broader S&P 500, as investors have increasingly focused on the company’s improving operating performance.
The company’s stock received a big boost in May, after the theater chain reported its strongest May attendance in seven years, adding to signs that the movie exhibition industry is benefiting from a stronger film slate in 2026.
Aron questions the legality of AMC stock tokens
Robinhood says on its website that its Stock Tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited.
The products are designed to provide investors with economic exposure to underlying securities but do not provide legal or beneficial ownership rights in those securities.
Robinhood also states that its Stock Tokens are not registered under US securities laws and cannot be offered, sold, or delivered in the United States or to US persons.
The company says the tokens are also subject to restrictions in other jurisdictions, including Canada, the UK and Switzerland.
Those disclosures have done little to ease Aron’s concerns.
After Tenev publicly asked what specifically concerned the AMC chief, Aron responded that the implications were “almost existential.”
He argued that US securities laws exist to protect investors and questioned how a US company could establish an offshore operation in Jersey and offer an instrument that resembles AMC stock without complying with US securities regulations.
Aron also argued that the tokenized structure could undermine the relationship between genuine share ownership and a company’s ability to raise capital.
“Share ownership gives shareholders various rights, including the right to vote their shares,” he said, arguing that the tokens could create the impression of stock ownership without providing those rights.
Aron called on Robinhood to “CEASE AND DECIST” trading AMC stock tokens, adding that AMC’s securities counsel would examine whether the company could force Robinhood to stop if it did not voluntarily comply.
Leawood Films gives AMC another growth avenue
The dispute with Robinhood comes as AMC is also pursuing a new strategy aimed at expanding the supply of theatrical content.
The company recently helped create Leawood Films, a distribution venture intended to bring more small and medium-sized movies to theaters.
Rather than taking on the financial risks associated with producing films, the initiative is expected to leverage AMC’s global theater network, marketing capabilities, and industry relationships to support distribution.
The move follows a strong second quarter for AMC, with blockbuster releases such as The Odyssey and Spider-Man: Brand New Day helping drive historic attendance and strong demand for premium theater formats.
Zacks said the Leawood Films initiative represents a strategically sensible extension of AMC’s existing exhibition and marketing capabilities.
Its relatively limited production risk, combined with AMC’s global screen network, could help broaden the company’s theatrical offering and create additional revenue streams over time.
AMC rally faces risks despite improving outlook
However, Leawood Films is unlikely to become a significant earnings driver for AMC in the near term, according to Zacks.
The cinema operator remains exposed to fluctuations in the film release calendar, while its elevated leverage, potential shareholder dilution and uneven cash-flow generation continue to pose risks.
The sharp rise in AMC shares this year also means investors have already priced in at least some of the company’s operational recovery.
Against that backdrop, Zacks said existing shareholders may consider retaining their AMC positions, while prospective investors could wait for a more attractive entry point.
For now, AMC’s latest rally reflects a broader recovery story — but Aron’s clash with Robinhood shows that the company is also becoming increasingly vocal about how its shares are represented in emerging financial markets.
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