Robinhood plans to let holders of its Stock Tokens redeem them for real shares on a 1:1 basis and vote those shares in the future, according to posts made Monday by Johann Kerbrat, the company’s senior vice president and general manager of international and crypto.
At 11:17 a.m. ET, Kerbrat wrote on X: “What about in-kind redemption and voting rights? Not yet, but they’re coming. Step one is to scale adoption of Stock Tokens. We’re actively working on redemptions for shares 1:1 with voting for eligible Stock Token holders on the roadmap.”
Robinhood CEO Vlad Tenev reposted the thread at 1:12 p.m. ET and wrote, “In-kind redemption and voting are coming for Robinhood Stock Tokens.” By mid-afternoon, the two posts had drawn 244,000 and 294,700 views, respectively. Robinhood has not published a press release on the change.
Current documents still require cash settlement
For either feature to go live, Robinhood would need to revise the offering documents that define the product. As things stand, Stock Tokens are not shares. They are tokenized debt securities issued from Jersey under a prospectus that settles every redemption in cash, and the shares backing them can be lent to a borrower that keeps the votes.
The base prospectus, dated June 25 and approved by the Financial Market Authority Liechtenstein, addresses redemption directly. Under the heading “Can I physically receive the Underlying at redemption?” it says: “No. Investors are not entitled to receive physical delivery of the relevant Underlying. At redemption, the Investors will be entitled to receive the Redemption Amount, payable in the Specified Currency as cash.”
The same point appears again in the terms and conditions. “Physical delivery of the Underlying and/or Collateral is excluded and Investors’ interests will be settled in the Specified Currency as cash in the event of a redemption or termination.”
Robinhood’s consumer-facing Stock Tokens page says holders “can also redeem them directly with the Issuer, where there is no authorized participant,” subject to KYC and anti-money-laundering checks. That process pays cash. The issuer’s product page sets the redemption fee at zero for the first 90 days after issuance and 0.05% after that.
The insolvency explanation on the same page follows the same structure. If the issuer fails, “an independent security agent will sell the underlying shares, and arrange for the cash proceeds to be paid to token holders.”
No shareholder rights under the current prospectus
On voting, the prospectus is equally explicit. It states: “The Investors in a Product are not entitled to any rights or claims to the relevant Underlying aside from those described in the Terms and Conditions. In particular, the Investors do not have shareholder rights in respect of the relevant Underlying. Accordingly, Investors do not have voting rights, participation or attendance rights, pre-emption rights in offers for subscription of securities relating to the relevant Underlying, any right to share in the profits of an issuer of such Underlying.”
That language was central earlier this month when AMC Entertainment CEO Adam Aron criticized the AMC stock token. Robinhood chief legal officer Dan Gallagher replied to Aron, “send your lawyers and we’ll educate them,” and the dispute widened into a sector debate over which tokenized equity model would prevail. Ondo Global Markets has added proxy voting through Broadridge outside the United States, while Dinari’s dShares can be burned for redemption at market value.
Lending creates another obstacle for voting passthrough
The final terms for individual token series add a second hurdle. In Apple’s Series 14, the document says “the Underlying may be lent out to the Prime Borrower, who is permitted to further lend the Underlying to End Borrowers and is obliged to provide an equivalent amount of Collateral to the Issuer.”
During a loan, the prospectus says, the borrower “retains all incidents of ownership of the Lent Underlyings,” while “the Issuer waives voting rights and any rights to consent or take action with respect to the Lent Underlyings during the loan term.”
The same final terms also complicate the 1:1 backing claim. Kerbrat wrote that “all Robinhood Stock Tokens are backed 1:1 with real shares in secure custody.” But the Apple terms say that when shares have been lent, “the Products in respect of such Series will not, to a greater extent, be backed or secured by the relevant Underlying themselves.” Instead, the Prime Borrower must post equivalent cash or other eligible financial instruments as collateral in an amount equal to at least 100% of the market value of the lent underlyings.
The prospectus says the issuer “will provide information regarding the amount of Lent Underlyings on a regular basis on the Issuer Website.” The issuer site includes sections for corporate actions, price deviations, an FAQ, product details, service providers, restricted jurisdictions, and disclosures. None of those sections shows a lending figure.
Service providers are identified in the product documents
Robinhood’s marketing page does not name the custody partner, but the service provider list does. Alpaca Securities LLC of New York acts as both custodian and broker. Bitstamp Global Ltd, a British Virgin Islands entity in the Robinhood group that the company finished acquiring on June 2, 2025, is the authorized participant. Security Agent Services AG of Zug serves as the security and verification agent, and JPMorgan Chase Bank’s London branch holds the paying account.
Robinhood points to Say as the voting mechanism
Kerbrat said Robinhood already has a platform that could handle shareholder participation. “We run a shareholder engagement platform, Say by Robinhood, which allows shareholders to participate in actions like voting,” he wrote.
Robinhood acquired Say Technologies in August 2021. On its page for companies, the platform says it can be used to reach shareholders with proxy materials, prospectuses, shareholder meeting information, company updates, livestream Q&A, and other regulated communications.
For now, Stock Token holders own a claim on the issuer rather than the shares themselves. Robinhood can identify them only if they complete the issuer’s KYC checks, and residents of the United States, Canada, the United Kingdom, and Switzerland are not sold the tokens.
Chain-wide DEX volume nears $50 billion
Kerbrat opened his thread with two metrics: “Stock Tokens TVL reaching over $170M and nearly $50B in DEX volume on the Robinhood Chain.”
CoinGecko shows the Robinhood Chain stock-token ecosystem at $168.47 million across its tokens, with $212.08 million in 24-hour volume. The biggest products are tokenized SPY at $24.6 million, NVDA at $22.4 million, and SpaceX at $11.2 million.
The roughly $50 billion figure applies to the whole chain, not just stock tokens. DefiLlama shows Robinhood Chain at $12.25 billion in decentralized exchange volume over seven days and $32.74 billion over 30 days, with total value locked at $916.6 million. Uniswap accounts for about 84% of that activity.
The Defiant reported in July that the chain had passed Solana in tokenized stock volume, driven by memecoin pairs. This month, it also reported that tokenized equities traded $1.01 billion over a weekend while US exchanges were closed.
Robinhood lists more than 190 Stock Tokens. HOOD traded at $113.85 at 2:35 p.m. ET, up 1.1% on the day, according to CNBC.
Onchain figures are from DefiLlama and CoinGecko as of 18:30 UTC on Sept. 14. Legal terms are drawn from the RHJ base prospectus dated June 25, 2026, and the final terms for Series 14, ISIN JE00BX9H9M76.