AMC Entertainment shares jumped more than 15% in premarket trading on Friday. Chief executive Adam Aron and Robinhood boss Vlad Tenev are publicly fighting over tokens tracking AMC stock.

Aron has demanded that Robinhood halt those tokens. They mirror AMC’s price from an offshore vehicle and carry no ownership or voting rights.

AMC Stock Jumps 15% but Stays Down on the Week

AMC stock traded at $2.92 in Friday premarket dealing, a gain of 15.19% or 38.5 cents. It touched roughly $3.03 earlier before easing back.

At $2.92, the company is worth about $2.6 billion across roughly 893 million shares. That compares with $2.27 billion at Thursday’s close of $2.54.

The five-day picture is less flattering. AMC stock is still down 5.93% over that stretch. Shares drifted between $2.50 and $2.72 for most of the week before Friday’s gap higher.

BeInCrypto asked last week whether meme coins trading against tokenized stocks could move the real thing. Friday’s move is the clearest test of that question so far.

What Set the AMC Stock Move Off

Aron’s bone of contention is that Robinhood was behind tokenized versions of AMC and more than 190 other companies. He called the practice contemptible.

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Robinhood CEO Vlad Tenev has since pushed back.

“What’s the concern?” wrote Tenev in a post.

Aron then replied at length. AMC spends millions each year complying with US securities law, he argued. Robinhood, however, issues the tokens roughly 3,000 miles offshore in Jersey.

He made the demand explicit.

“I hereby call on you and Robinhood to voluntarily CEASE AND DECIST the trading of AMC stock tokens. If you don’t, our high priced securities counsel has been asked to see whether we can force you to stop,” Adam Aron articulated.

He added that AMC would ask the Securities and Exchange Commission (SEC) how it can support the arrangement.

A $2.8 Million Token Market Against a $2.6 Billion Company

Robinhood’s own disclosures describe the products as tokenized debt securities from Robinhood Assets (Jersey) Limited, an entity the company states is not regulated. Each token is backed one for one by real shares held with a US custody partner.

Scale is where Aron’s complaint meets the data. The main AMC token pool holds about $382,600 in liquidity, according to GeckoTerminal. Roughly 2,000 addresses hold the token, and its market value sits near $2.8 million.

Meanwhile, Robinhood Chain launched on July 1 to carry tokenized assets. Meme coin traders have since taken over the network, routing most of its volume.

OpenAI made a similar objection in July 2025, saying Robinhood’s OpenAI tokens were not equity. BeInCrypto reported then that the wallet distributing those tokens had an unusual on-chain history.

No cease-and-desist letter has been published, and the SEC has stayed quiet. For now, a $2.8 million token market has moved a $2.6 billion listed company. Whether the gain survives Friday’s open is the next test.

Source: BeInCrypto