AMC

AMC CEO Says Company Will Not Approve Robinhood Stock Tokens in the US
AMC CEO renews opposition to Robinhood’s AMC stock token issuance in the U.S.
AMC CEO calls out Robinhood executives again over SEC stance on tokenized stocks
Robinhood
2026-09-28 09:06:11

Robinhood’s AMC token spike points to a bigger gap: issuance is not the same as having a real market

A sharp move in Robinhood’s tokenized AMC product has reopened a broader debate over what it takes for onchain equities to function like actual markets rather than isolated trading venues. In a commentary cited by MarsBit, Bullish’s Tram Doman argues that the key issue is no longer limited to whether wrapped stock tokens or issuer-sponsored tokens are the more legitimate model. The harder question is market structure: who can create and redeem, how traders hedge outside cash-market hours, and what tools market makers can use to keep prices aligned. The AMC token traded on Robinhood Chain stayed relatively close to the New York Stock Exchange close during regular trading periods, but it behaved very differently when the underlying market was shut. On Sept. 3 near midnight, the token jumped from $2.55 to $23.16 before falling back to $3.26 within the same hour, with roughly $10.5 million in pool volume. Doman says that move did not reflect textbook arbitrage. Instead, holders were using their own capital to take directional bets because the structure lacked the conversion and hedging rails needed for true arbitrage. The piece contrasts wrapped tokens, which expand access across borders but carry counterparty and price-alignment risks, with issuer-sponsored tokens, or ISTs, which preserve shareholder rights and remove some conversion risk but still have limited names and thin liquidity. The argument is that tokenized equities will need shared infrastructure across exchanges, brokers, market makers, transfer agents, asset managers, and clearing venues before either model can mature.

550
Robinhood’s AMC token spike points to a bigger gap: issuance is not the same as having a real market
580
Robinhood’s AMC Token Spike Exposed a Bigger Problem: Issuance Alone Does Not Build a Market
Messari says Robinhood Crypto settled more than 2% of trading volume in DJT, HIMS and AMC tokens
Binance lists five new TradFi perpetual contracts with up to 20x leverage
AMC challenges Robinhood’s tokenized stock model as issuer consent debate intensifies