AMC Stock Jumps 15% Amid CEO‑Robinhood Token Dispute

AMC Entertainment shares surged more than 15% in pre‑market trading on Friday, reaching $2.92 per share. The rally coincided with a public dispute between AMC CEO Adam Aron and Robinhood CEO Vlad Tenev over tokenized versions of AMC stock.

Tokenized AMC Shares

Robinhood offers tokens that track AMC’s price through an offshore vehicle in Jersey. The tokens are backed one‑for‑one by real AMC shares held with a U.S. custody partner, but they do not confer ownership or voting rights.

CEO Conflict

Adam Aron called the practice “contemptible” and demanded that Robinhood cease trading the tokens, warning that AMC’s legal counsel may seek regulatory action. Vlad Tenev responded by questioning the concern and defending the token offering.

Market Impact

• Pre‑market price: $2.92, up 15.19% (≈$0.39).
• Market cap at $2.92: roughly $2.6 billion across ~893 million shares.
• Five‑day performance: down 5.93%.
• Token pool liquidity: about $382,600.
• Token market value: approximately $2.8 million, held by ~2,000 addresses.

Regulatory Context

Robinhood describes the tokens as “tokenized debt securities” issued by Robinhood Assets (Jersey) Limited, an entity not registered under U.S. securities laws. AMC indicated it may consult the SEC on the matter. No cease‑and‑desist letter has been released, and the SEC has not commented.

Outlook

The price jump tests whether tokenized assets can influence the underlying stock’s movement. Market participants will watch the opening trade to see if the gain holds.