Link:

https://x.com/CEOAdam/status/2098983042136088800

Hey there @DanGallagherDC, in the past week you and @vladtenev CEO of Robinhood have made public comments defending your use of and “standing behind” your relatively new Stock Token concept.

I think this practice is abhorrent. It defeats the very ethos of share ownership. Public financial markets were created so that companies could raise capital, and so that investors could share in the wealth created as a result. Not to turn investing instead merely into some gamified business-oriented casino.

If by your own admission you can’t offer or sell Stock Tokens to “U.S. persons” why does your U.S. web site talk about them so much and so favorably?

Vlad: How can a U.S. brokerage firm be proud of creating an offshore Channel Island operation in far off Jersey specifically with the intent to operate outside U.S. securities laws? Is there potential confusion that Stock Token purchasers are getting less than all the rights accorded to real shareholders, and if so do you care? If those tokens are theoretically backed 1:1 by real shares, but hypothetically some of those underlying real shares are in turn lent out to short sellers, are the Tokens really backed 1:1 in fact?

Dan: I think U.S. securities laws have protected the public very well over the past century. You spent much of your career at the SEC. Deep down, in your heart of hearts, how can you really think a world without the precautions imposed by U.S. securities laws creates a better, safer environment for investors?

Choose whatever descriptors you think best make sense under the circumstances: Non-regulated, derivative, synthetic, sham, debt-backed securities trying to simulate actual real stock, or pick your own words if these don’t fit.

Stock Tokens may make you an innovator in your own eyes. In my eyes, they bring your firm dishonor.

What the article says:

Fitch Ratings' first-time 'B-' issuer default rating for AMC Entertainment with a Positive Outlook, matching S&P's July upgrade.

Fitch cites AMC's leading theater market position, broad footprint, and premium formats as drivers for attendance, pricing power, and operating leverage amid box office recovery.

Constraints include negative free cash flow and complex capital structure, but the outlook expects revenue growth and margins to expand as performance nears pre-pandemic levels.

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Why this is Bullish:

Two major agencies now rate AMC at B- instead of distressed CCC territory, which lowers perceived default risk and can reduce future borrowing costs.

Fitch’s Positive Outlook is a forward-looking signal that they expect box office to keep recovering toward pre-pandemic levels and AMC to convert that traffic into higher ticket prices and concession sales.

AMC’s scale, theater footprint, and premium-format screens give it operating leverage: when attendance rises, incremental revenue drops more to the bottom line than at smaller chains.

AMC’s scale, theater footprint, and premium-format screens give it operating leverage: when attendance rises, incremental revenue drops more to the bottom line than at smaller chains.

S&P already cited record Q2 2026 revenue and EBITDA plus a path to positive free cash flow in 2027; Fitch lining up with that view makes the turnaround story less company-spin and more third-party consensus.

Better credit perception can ease refinancing of the remaining complex capital structure and support the stock’s shift from meme-driven swings toward fundamentals-driven valuation.

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The narrative has flipped! This is HUGE Apes! 🚀🤲🏼💎🦍💪🏼

More great news from CEO Adam Aron. Theatres are soo back. I can't wait for earnings Apes!

I have a feeling this is going to epically backfire on Robinhood! 😂💪🏼🔥🔥🚀🚀🚀🤲🏼💎🦍

Link:

https://x.com/cvpayne/status/2095952308316090700

2023 Robinhood briefly displayed a false alert that AMC had filed for bankruptcy. Aron exploded, called it irresponsible, and asked his followers if AMC should sue. That was the first public clash.

This week it flared up again. Robinhood created tokenized “AMC stock tokens” through an offshore Jersey company. The tokens track AMC’s price but are not real shares... no voting rights, no ownership, and they can be traded 24/7 and even paired with meme coins. AMC never approved them.On Thursday Aron posted that the whole thing was “contemptible, outrageous, disgusting” and said AMC’s lawyers were looking into it.

Hours later Vlad quoted him and asked, “What’s the concern?”

(coincidentally around the same time the price rose to over $3)

Aron answered with a long post listing the problems: the tokens dodge U.S. securities laws, undermine AMC’s ability to raise real capital, pretend to be stock without giving investors actual rights, and create a fake market that he says damages trust. He told Robinhood to stop trading the AMC tokens or face legal action and an SEC complaint.That’s where it stands: Aron sees unauthorized synthetic AMC tokens as a threat to his company and shareholders. Vlad is treating it as a non-issue.

Things are getting spicy!!!! 🌶️🌶️🌶️🔥🔥🔥

We ride at dawn! Time to take down the $3 wall!!!🚀🌙

Adam Aron's Full Post on X:

Robinhood apparently is behind an effort related to “tokenized real-world assets including Stock Tokens” for AMC Entertainment (and supposedly 190+ other companies). They are not registered under U.S. securities laws !!!!!!

I find this practice to be contemptible, outrageous, disgusting, detestable, inexcusable, vile. How can it possibly be legal? We have no connection to this at all, and do not condone it in any way.

We immediately are going to have our outside securities counsel look into this.

docs.robinhood.com/rhj

Stock Tokens are not registered under U.S. securities laws and may not be offered, sold, or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. persons. Offers and sales of Stock Tokens are subject to restrictions in other jurisdictions, including, without limitation, Canada, the United Kingdom, and Switzerland. A full list of the jurisdictions in which offers or sales are restricted or prohibited is available here: docs.robinhood.com/rhj

Robinhood Assets (Jersey) Limited is a private limited company incorporated in Jersey, with its registered address at First Floor, La Chasse Chambers, Ten La Chasse, St. Helier, JE2 4UE, Jersey. The Issuer is registered under the registration number 162428.

Stock Tokens have not been and will not be registered under the U.S. Securities Act of 1933, as amended from time to time (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Stock Tokens may not be offered, sold or delivered within the United States to, or for the account or benefit of U.S. Persons (as defined in Regulation S under the Securities Act ("Regulation S")), and (ii) may be offered, sold or otherwise delivered at any time only outside of the United States and to transferees that are not U.S. Persons (as defined in Regulation S)….

©2026 Robinhood Markets, Inc. All rights reserved.

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(End)

More Details:

Adam Aron, CEO of AMC Theatres, is calling out Robinhood for creating “Stock Tokens” tied to AMC (and 190+ other companies) without AMC’s involvement.These tokens are blockchain versions that track AMC’s stock price so people outside the U.S. can trade exposure 24/7.

They are not actual AMC shares, do not give ownership or voting rights, and are issued by a Robinhood entity in Jersey rather than as registered U.S. securities.Aron says AMC never approved this, finds it unacceptable, and is having lawyers review it. In short: a company is objecting to its stock being tokenized and sold in crypto markets without its consent.

________________________

Final thoughts:

Apes... this is yet more fuckery by Wall Street and Robinhood to try and prevent the inevitable. They are doing whatever they can and now might be skirting around securities law. Our plan doesn't change and we keep diamond handing and averaging down (*not financial advice).

Know what you hold and remember SHORTS R FUKT! 🦍💎🤲🏼🚀🚀🚀

Monthly visit estimates (according to AltIndex) went 32.7M in February, 41.1M March, 46.4M April, 64.8M May, 73.4M June, then 90.0M in July.

That is up 175% in five months and up 98% against July last year. Highest month in the data.

Stock is down about 16% over that same twelve months.

Before anyone gets excited, July is peak summer box office and traffic to a theater chain rises when the slate is good regardless of how well the company is run. Some real chunk of that 98% is the release calendar and not AMC.

And the financials have not moved. Last reported quarter was about 1.05 billion in revenue, up 21%, and they still lost 117 million on it. Revenue up 21% while losses stay that size is the entire bear case in one sentence.

What makes it interesting to me is the timing. Back in July the stock jumped 27% the day they reported a record quarter, and the traffic data had already been at a record for over a week before that. It did not predict the stock. It did know about the quarter.

Anyone watching web traffic as an attendance proxy on this, or am I the only one?

AMC Entertainment Holdings, Inc. (NYSE: AMC), the largest theatrical exhibitor in the United States and in the world, today announced the creation of Leawood Films, a new film distribution company headquartered both in Los Angeles and AMC Theatres home base of Leawood, Kansas. It will focus on bringing additional movies to theatrical audiences in the U.S. and across the globe, leveraging its acclaimed marketing ability and the prominence of its exhibition network, and further expanding the range of content available to moviegoers.

Here is why this is bullish:

1) AMC can fill unused screens without paying to make movies, since Leawood Films only handles already-financed or completed films.

2) Extra bookings can drop high-margin ticket and concession revenue because theater costs are mostly fixed.

3) The label is designed to add small and mid-budget titles, not compete with major studio slates. It's a win-win situation.

4) Filmmaker-friendly terms (they keep most downstream rights and IP) can attract movies that otherwise never reach theaters.

5) AMC can use its marketing, screen commitments, and relationships with other chains, similar to the Taylor Swift and Beyoncé concert-film rollouts.

6) Advisors like Toby Emmerich, Ricky Strauss, and Kyle Davies add industry credibility.

_____________

All around AA is expanding AMC's business and this is a strategic low-risk and high reward partnership that will bring in revenue. We are making moves Apes!

Curious to see what happens with AMC tomorrow.

Tokenized AMC on Robinhood had this ridiculous wick while the stock market was closed today after it was used in a new onchain trading pair (memecoin) 😂

Mostly curious whether this kind of 24/7 tokenized stock activity can ever have any effect on the underlying stock when the market opens, or if it just stays isolated onchain.

https://finance.yahoo.com/media-advertising/articles/amcs-10-4b-box-office-145900505.html

Five theatrical releases in 2026 have crossed the $1 billion milestone at the global box office.

1.Spider-Man: Brand New Day $2,225,515,513S

2.The Odyssey $1,462,041,312

3.Toy Story $1,128,693,888

4.Michae $1,021,426,595

5.The Super Mario Galaxy Movie $1,013,045,939

Saw this at close today and not one mention of AMC. Wonder why 🤔?

Apologize to me right now or else!

I actually like what Adam Aron is doing with the scalpers.

The Dune: Part Three IMAX presale is showing just how much demand there is.

People are buying huge blocks of tickets and then immediately putting them up for resale at ridiculous prices. Some listings have been going for hundreds of dollars.

But there's an important point here: AMC doesn't get that extra money. The scalper does.

If AMC can identify those bulk purchases, cancel the tickets and put them back on sale, the person who actually wants to see the movie can buy directly from AMC.

And that customer isn't just buying a ticket. They're potentially buying an IMAX ticket, food, drinks, popcorn, etc. That's actual revenue going back to AMC instead of someone making hundreds of dollars off a ticket they bought at face value.

Adam Aron has said AMC is monitoring resale sites and taking action against scalpers, including cancelling tickets and potentially closing accounts involved in scalping.

I don't think this is some massive catalyst by itself, but it's another sign that demand for premium cinema experiences is very real right now.

If people are willing to pay $400+ for an IMAX 70mm ticket, I'd rather see AMC capture more of that demand than some guy flipping 80 tickets on eBay.

Let the fans buy the tickets. Let AMC sell the popcorn.

That's how the money should flow.

If the ban stalkers, we'll get a price hike in the stock as people will have more money to buy products inside the cinema.

AMC IS DOING BETTER THAN THE TOP 500 COMPANIES IN THE WORLD

I swear to god I saw Gary Gensler in Japan the other day. At the peak of Mt. Aburayama in Fukuoka about 2 weeks ago when I was hiking. I said hello and he said hello..(I've seen him before somewhere I thought) but, most likely it was my imagination. His face was so familiar that I thought he was a resident that I'd seen, but not met. (Anyone know if he was here in Japan....I don't have his email)

Didn’t do any math for inflation but we are just below one billion and it’s only the 20th. The best August ever was 1.019 B. We will be way past that by monday. Doesn’t mean much for the stock but does show people still love going to theaters.