Tokenized stocks hit $2.91 billion as AMC dispute exposes model divide

Sep 4, 2026 15:33 (49d ago)

Tokenized stocks reached $2.91 billion across 2.67 million holders as AMC and Robinhood disputed the structure and rights of stock-linked tokens.
An AMC-linked token briefly reached $18.04 against AMC’s $2.54 reference close before falling toward $3 and stabilizing near $2.67.
The SEC identified linked, custodial and issuer-sponsored token models, while industry participants continued to dispute investor protections and market structure.

Tokenized stocks reached $2.91 billion across 2.67 million holders as a dispute over Robinhood’s AMC-linked product widened into an industry debate over three competing structures: third-party linked securities, custodial tokens representing underlying shares and issuer-sponsored tokens recorded onchain. AMC Entertainment CEO Adam Aron challenged Robinhood’s offshore synthetic model after an AMC-linked token briefly reached $18.04 versus AMC’s previous NYSE close of $2.54, while Robinhood defended Stock Tokens as tokenized debt securities providing economic exposure without legal or beneficial ownership rights. The SEC’s Division of Corporation Finance outlined the three categories on Jan. 28, but questions remain over bankruptcy claims, voting rights, market structure, liquidity, trading venues and securities-law protections.

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