Robinhood plans to allow holders of its Stock Tokens to redeem them for actual shares and exercise voting rights on those shares, according to the company’s crypto chief. Johann Kerbrat, senior vice president and general manager of international and crypto at Robinhood, outlined the roadmap in a post on X Monday morning.
Roadmap Announced on Social Media
Kerbrat posted at 11:17 a.m. ET, addressing the most requested features directly: “What about in-kind redemption and voting rights? Not yet, but they’re coming,” he wrote. “Step one is to scale adoption of Stock Tokens. We’re actively working on redemptions for shares 1:1 with voting for eligible Stock Token holders on the roadmap.”
CEO Vlad Tenev amplified the message, reposting the thread at 1:12 p.m. ET with the line: “In-kind redemption and voting are coming for Robinhood Stock Tokens.” The two posts had attracted 244,000 and 294,700 views respectively by mid-afternoon. The company has not issued a formal press release on the planned changes.
Current Structure: Cash-Settled Debt Securities
Delivering either feature requires rewriting the offering documents that govern the product. Robinhood Stock Tokens are not shares; they are tokenized debt securities issued from Jersey under a prospectus that settles every redemption in cash. The shares backing the tokens can be lent to a borrower who retains the voting rights.
The base prospectus, dated June 25 and approved by the Financial Market Authority Liechtenstein, answers the redemption question explicitly. Under the heading “Can I physically receive the Underlying at redemption?” it states: “No. Investors are not entitled to receive physical delivery of the relevant Underlying. At redemption, the Investors will be entitled to receive the Redemption Amount, payable in the Specified Currency as cash.”
The same document reinforces the point in its terms and conditions: “Physical delivery of the Underlying and/or Collateral is excluded and Investors’ interests will be settled in the Specified Currency as cash in the event of a redemption or termination.”
Robinhood’s consumer-facing Stock Tokens page notes that holders “can also redeem them directly with the Issuer, where there is no authorized participant,” subject to know-your-customer and anti-money-laundering checks. That redemption pays cash. The issuer’s product page sets the redemption fee at zero for the first 90 days after issuance and 0.05% thereafter.
The insolvency disclosure on the same page describes the same cash-settlement mechanism. If the issuer fails, “an independent security agent will sell the underlying shares, and arrange for the cash proceeds to be paid to token holders.”
No Shareholder Rights Under Current Terms
On voting, the prospectus is equally explicit: “The Investors in a Product are not entitled to any rights or claims to the relevant Underlying aside from those described in the Terms and Conditions. In particular, the Investors do not have shareholder rights in respect of the relevant Underlying. Accordingly, Investors do not have voting rights, participation or attendance rights, pre-emption rights in offers for subscription of securities relating to the relevant Underlying, any right to share in the profits of an issuer of such Underlying.”
That language became central to a public dispute this month when AMC Entertainment CEO Adam Aron criticized the AMC stock token. Chief Legal Officer Dan Gallagher responded by telling Aron to “send your lawyers and we’ll educate them,” sparking a broader sector debate over which tokenized stock model prevails. Competitors have taken different approaches: Ondo Global Markets has added proxy voting through Broadridge outside the U.S., while Dinari’s dShares can be burned for redemption at market value.
Shares Are Lent Out, Complicating Vote Pass-Through
The final terms for individual tokens add a second structural obstacle to passing votes through to token holders. The Apple series, Series 14, states that “the Underlying may be lent out to the Prime Borrower, who is permitted to further lend the Underlying to End Borrowers and is obliged to provide an equivalent amount of Collateral to the Issuer.”
During a loan, the prospectus specifies that “the borrower retains all incidents of ownership of the Lent Underlyings,” and “the Issuer waives voting rights and any rights to consent or take action with respect to the Lent Underlyings during the loan term.”
The final terms also qualify the backing claim. Kerbrat wrote that “all Robinhood Stock Tokens are backed 1:1 with real shares in secure custody.” However, the Apple final terms clarify that where shares have been lent, “the Products in respect of such Series will not, to a greater extent, be backed or secured by the relevant Underlying themselves. Instead, the Prime Borrower is required to provide equivalent cash or other Eligible Financial Instruments as Collateral, in an amount equal to at least 100% of the market value of the Lent Underlyings.”
The prospectus says the issuer “will provide information regarding the amount of Lent Underlyings on a regular basis on the Issuer Website.” The issuer site includes sections for corporate actions, price deviations, an FAQ, product details, service providers, restricted jurisdictions, and disclosures. None currently publishes a lending figure.
Custody and Service Providers Disclosed
The custody partner left unnamed on Robinhood’s marketing page is identified in the service provider list: Alpaca Securities LLC of New York, which acts as both custodian and broker. Bitstamp Global Ltd, a British Virgin Islands entity in the group Robinhood finished acquiring on June 2, 2025, serves as the authorized participant. Security Agent Services AG of Zug is the security and verification agent, and JPMorgan Chase Bank’s London branch holds the paying account.
Say by Robinhood Cited as Voting Mechanism
Kerbrat pointed to an existing Robinhood asset as the potential mechanism for enabling voting. “We run a shareholder engagement platform, Say by Robinhood, which allows shareholders to participate in actions like voting,” he wrote. Robinhood acquired Say Technologies in August 2021. The platform’s page for companies offers to “reach shareholders with proxy materials, prospectuses, shareholder meeting information, company updates, livestream Q&A, and other regulated communications.”
Stock Token holders hold a claim on the issuer rather than the share itself. They are identified to Robinhood only if they complete the issuer’s KYC checks, and the tokens are not sold to residents of the United States, Canada, the United Kingdom, or Switzerland.
Volume Figures and Market Context
Kerbrat opened his thread with two key metrics: “Stock Tokens TVL reaching over $170M and nearly $50B in DEX volume on the Robinhood Chain.”
According to CoinGecko, the Robinhood Chain stocks ecosystem holds $168.47 million across its tokens, with $212.08 million in 24-hour volume. The largest tokens by value are tokenized SPY at $24.6 million, NVDA at $22.4 million, and SpaceX at $11.2 million.
The $50 billion figure is chain-wide. DefiLlama data shows Robinhood Chain processed $12.25 billion of decentralized exchange volume over seven days and $32.74 billion over 30 days, with total value locked at $916.6 million. Uniswap handles approximately 84% of that volume. The Defiant reported in July that the chain had surpassed Solana in tokenized stock volume, driven by memecoin pairs, and noted this month that tokenized equities traded $1.01 billion over a weekend with U.S. exchanges closed.
Robinhood lists more than 190 Stock Tokens. HOOD shares traded at $113.85 at 2:35 p.m. ET, up 1.1% on the day, per CNBC.
Onchain figures via DefiLlama and CoinGecko as of 18:30 UTC on Sept. 14. Legal terms via the RHJ base prospectus dated June 25, 2026 and the final terms for Series 14 (ISIN JE00BX9H9M76).
