Robinhood plans to introduce one-for-one share redemptions and voting rights for its Stock Tokens, which currently operate as offshore debt instruments with cash-only redemptions and no shareholder rights. The announcement by CEO Vlad Tenev and crypto head Johann Kerbrat on September 14, 2026, follows public criticism from AMC Entertainment CEO Adam Aron. The updates aim to leverage the Say by Robinhood platform as the tokenized ecosystem's total value locked surpasses $170 million.
Stock Token redemption plans
- ▪Robinhood's current Stock Token prospectus, dated June 25, 2026, excludes physical delivery of underlying shares and mandates that all redemptions be settled in cash.
- ▪Robinhood plans to introduce one-for-one share redemptions for its Stock Tokens, allowing eligible holders to exchange tokens for the underlying physical shares.
Voting rights roadmap
- ▪Robinhood plans to use its existing shareholder engagement platform, Say by Robinhood, as the infrastructure to facilitate voting for Stock Token holders.
- ▪Robinhood plans to add voting rights for eligible Stock Token holders, with CEO Vlad Tenev and crypto head Johann Kerbrat announcing the feature on September 14, 2026.
AMC CEO public criticism
- ▪Robinhood Chief Legal Officer Dan Gallagher responded to AMC Entertainment CEO Adam Aron's criticisms by telling Aron to send his lawyers to be educated on the product.
- ▪AMC Entertainment CEO Adam Aron publicly criticized Robinhood's AMC stock token in September 2026, calling the tokens "vile" and arguing that token holders lacked shareholder rights.
Current debt instrument structure
- ▪The final terms for Robinhood's Apple Series 14 Stock Tokens allow underlying shares to be lent to a Prime Borrower, during which the issuer waives voting rights.
- ▪Robinhood Stock Tokens are structured as Jersey-domiciled debt instruments that offer economic exposure to stock prices but do not grant ownership, voting, or beneficial rights.
Competing tokenization models
- ▪Securitize CEO Carlos Domingo criticized Robinhood's structure, arguing that calling synthetic debt instruments "stock tokens" is misleading because investors lack direct shareholder rights.
- ▪Coinbase CEO Brian Armstrong announced on September 14, 2026, that voting rights are coming to Coinbase's tokenized equities, which already support one-for-one redemption and dividends.
Robinhood Chain growth metrics
- ▪The Robinhood Chain, which launched on July 1, 2026, has grown its total value locked to nearly $1 billion, according to DeFiLlama data.
- ▪Robinhood's Stock Tokens have reached over $170 million in total value locked, while the Robinhood Chain has recorded nearly $50 billion in decentralized exchange volume.
Debatable claims
- ▪Calling synthetic debt instruments 'stock tokens' is misleading to investors
- ▪Public companies should be allowed to opt out of third-party tokenization
- ▪Shareholder voting rights cannot be reliably managed on public blockchains
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