AMC Entertainment shares jumped more than 15% in premarket trading on Friday. The shares traded at $2.92. The shares gained 15.19%. The gain equaled 38.5 cents. Shares touched roughly $3.03 before easing back. AMC shares remained down 5.93% over five days. Shares traded between $2.50 and $2.72 for most of the week. AMC had roughly 893 million shares. The company was valued at about $2.6 billion. The company was valued at $2.27 billion at Thursday's close. Thursday's closing share price was $2.54. Adam Aron demanded that Robinhood halt tokens tracking AMC stock. The tokens mirror AMC's price from an offshore vehicle. The tokens carry no ownership or voting rights. Aron said Robinhood was behind tokenized versions of AMC and more than 190 other companies. Aron called the practice contemptible. Robinhood CEO Vlad Tenev responded in a post by asking what the concern was. Aron argued that AMC spends millions each year complying with US securities law. Aron argued that Robinhood issues the tokens roughly 3,000 miles offshore in Jersey. Aron called on Robinhood to voluntarily cease trading the AMC stock tokens. Aron said AMC's securities counsel had been asked to consider whether Robinhood could be forced to stop. Aron said AMC would ask the Securities and Exchange Commission how it could support the arrangement. Robinhood's disclosures describe the products as tokenized debt securities from Robinhood Assets (Jersey) Limited. Robinhood states that Robinhood Assets (Jersey) Limited is not regulated. Each token is backed one for one by real shares held with a US custody partner. The main AMC token pool had about $382,600 in liquidity, according to GeckoTerminal. Roughly 2,000 addresses held the token. The token's market value was near $2.8 million. Robinhood Chain launched on July 1 to carry tokenized assets. Meme coin traders have since taken over the network. Meme coin traders route most of the network's volume. OpenAI made a similar objection in July 2025. OpenAI said Robinhood's OpenAI tokens were not equity. The wallet distributing those tokens had an unusual on-chain history. No cease-and-desist letter has been published. The SEC has stayed quiet.
AMC Shares Jump Over 15% Amid Dispute With Robinhood Over Tokenized Securities
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Summary
AMC shares rose over 15% in premarket trading on Friday, hitting $2.92. The jump came as AMC CEO Adam Aron criticized Robinhood for tokenized securities linked to AMC stock. Robinhood called the tokens debt-backed and tied to real shares. Aron’s legal team is weighing action and may involve the SEC. The main token pool showed $382,600 in liquidity and $2.8 million in market value. Rising trading activity and volume reflect growing interest in the dispute.
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