TLDR
- Robinhood CEO Vlad Tenev confirmed voting rights and one-for-one share redemptions are coming for its Stock Tokens
- Current stock tokens only offer price exposure and are structured as synthetic debt instruments, not direct ownership
- AMC Entertainment CEO Adam Aron publicly called on Robinhood to stop offering AMC-linked tokens, sparking the debate
- Coinbase is also adding voting rights to its tokenized stocks, which already support one-for-one redemptions and dividends
- Critics, including Securitize CEO Carlos Domingo, argue calling these products “stock tokens” is misleading to investors
Robinhood is moving to add shareholder rights to its Stock Tokens after public criticism over what investors actually own. CEO Vlad Tenev confirmed on X that in-kind redemptions and voting rights are on the way.
In-kind redemption and voting are coming for Robinhood Stock Tokens https://t.co/N61gOOEJQU
— Vlad Tenev (@vladtenev) September 14, 2026
Johann Kerbrat, Robinhood’s head of crypto, added that the company is actively working on one-for-one share redemptions, with voting for eligible token holders on the roadmap. He pointed to Robinhood’s Say platform as the infrastructure Robinhood could use for voting.
Robinhood’s stock tokens are currently offered outside the U.S. through a Jersey-domiciled subsidiary. They are structured as debt instruments, not equity.
Holders currently get price exposure to the underlying stock but do not own the shares or hold any beneficial rights to them. That puts the tokens in the synthetic category, even though Robinhood says real shares are held in custody on a one-for-one basis.
The push for new features follows a public dispute with AMC Entertainment CEO Adam Aron. Aron called on Robinhood to pull its AMC-linked tokens, arguing AMC never approved them and that token holders lack the rights of regular stockholders.
Industry Pressure Builds
That dispute put a spotlight on a wider issue in the tokenized stock market. Products with the same ticker can carry very different rights depending on how they are structured.
The SEC outlined three broad models for securities tokenization in January. These range from issuers tokenizing their own securities to third-party custodial arrangements to fully synthetic products that only track price.
Coinbase is also moving in the same direction as Robinhood. CEO Brian Armstrong said on Monday that voting rights are coming to Coinbase’s tokenized stock offerings.
Coinbase’s tokenized equities already support one-for-one redemption into underlying shares and include dividend payments, putting it ahead of where Robinhood currently stands.
Critics Not Yet Convinced
Not everyone is impressed by the planned upgrades. Carlos Domingo, CEO of tokenization specialist Securitize, criticized Robinhood’s structure directly.
“These products are not ‘stocks,'” Domingo posted on X. He said calling them stock tokens is misleading to investors.
Domingo raised an additional concern: whether shareholder rights can even be applied to tokens that move freely between blockchain wallets, where the identity of the ultimate holder may not always be known.
He also flagged how Robinhood currently handles dividends, which is by increasing token holdings rather than paying cash, as another area that differs from conventional share ownership.
Robinhood also handles dividends differently from traditional brokers. Instead of paying cash, the company adds to token holdings, a detail critics say adds to the gap between tokens and real equity ownership.
Robinhood’s stock (HOOD) was trading at $114.33 at market close.
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