AMC CEO Slams Robinhood Again: Stock Tokens Deviate From the Concept of Stock Ownership

According to a Financial Times report, low-profile venture capital firm Vy Capital currently holds SpaceX shares worth roughly $40 billion, representing approximately a 3.4% stake. Per Bloomberg data, the firm is now SpaceX’s fifth-largest shareholder, with disclosed holdings exceeding those of Silicon Valley peers including Sequoia Capital and Andreessen Horowitz. Vy Capital first invested in SpaceX in 2016, when the company was valued at around $15 billion. Following SpaceX’s public listing this year at a valuation of roughly $1.75 trillion, the value of its stake has grown significantly. Vy Capital is also the largest external investor in Elon Musk’s tunnel construction firm The Boring Company and brain-computer interface firm Neuralink, and committed $7 billion toward Musk’s 2022 acquisition of Twitter. The firm’s leader, John Hering, has a close relationship with Musk. Shortly after a Falcon 9 rocket launch failure in 2016, he invested over $100 million in SpaceX. Since 2019, he has contributed to Starlink’s early operations, including hiring staff and building financial models, and once held SpaceX employee credentials. Hering currently serves as a director of The Boring Company, and Vy Capital also participated in the firm’s recent $30 billion funding round. Vy Capital’s assets under management (AUM) rose from $27 billion at the end of last year to $50 billion as of June this year. In its investor letter, the firm noted that since its founding in 2014, it has delivered a total internal rate of return (IRR) of 41% and distributed $46 billion to investors. Vy Capital projects that if its investment thesis holds true, SpaceX’s valuation will exceed $10 trillion over the next five to seven years. The firm currently has just dozens of employees, with a core investment team of four, and stopped accepting external investors last year.

According to Defimon Alerts monitoring, a suspicious Proposal #54 has emerged in Ampleforth’s Governor Bravo governance system, involving approximately $2.5 million in treasury funds. The alert categorizes the incident as an access control risk and a "malicious governance proposal"; the relevant funds have not yet been transferred out. Ampleforth’s timelock contract currently holds around 2.538 million USDC, meaning the proposal involves almost all of the treasury assets. The proposer disclosed that they drafted the proposal themselves and plan to vote via a delegated address holding 87,238 FORTH tokens, accounting for roughly 0.57% of the total supply—slightly above the proposal threshold of 75,000 FORTH. The proposal’s quorum requirement is 600,000 FORTH, valued at approximately $132,000 based on FORTH’s current price of $0.22.

According to GMGN data, the crypto-stock meme project MEME on Robinhood Chain has surpassed a $57 million market cap, with a more than 40% 24-hour price jump. In related news, AMC CEO Adam Aron once again publicly criticized Robinhood’s stock token business. Responding to Robinhood CEO Vlad Tenev and Dan Gallagher’s recent public defense of stock tokens over the past week, Aron called the move “repugnant” and said it deviates from the core concept of stock ownership. He also questioned that stock token buyers hold fewer rights than actual shareholders, which could confuse investors, and raised doubts about whether the tokens can still be considered truly 1:1 backed if the underlying real stocks are lent out to short sellers. Aron described stock tokens as “unregulated, derivative, synthetic or debt-backed securities,” stating that they merely mimic real stocks. MEME leverages Robinhood’s stock trading platform, pairing with tokenized U.S. stocks of AMC Entertainment (the U.S. theater chain with ticker AMC) as its liquidity pool, and uses the MEME/AMC trading pair to provide liquidity. BlockBeats Note: Stock Meme is an emerging concept that combines traditional meme coins with tokenized U.S. stocks: instead of pairing with USDT or ETH, meme coins are directly paired with on-chain U.S. stock tokens (such as NVDA, TSLA, AAPL, etc.) as trading pairs. This model retains the high volatility and community-driven speculative nature of meme coins, while also tying into the popularity and narrative of real stocks. A portion of transaction fees often flows back to the community treasury to accumulate the corresponding U.S. stock tokens, forming a dual-driven model of “sentiment speculation + real asset anchoring.” Prices are highly volatile; investors should exercise caution.

According to Coinglass data, the current global LSK contract open interest stands at $185 million, with a 24-hour increase of 739.10%. The contract trading volume is $3.082 billion, up 1054.79% over 24 hours. The 24-hour aggregate long-short ratio is 1.0864. In the past 24 hours, liquidations reached $35.26 million, ranking first across the network, of which short liquidations amounted to $31.22 million. According to HTX market data, LSK briefly touched $2, and is now trading at $1.68, with a 24-hour increase of over 700%.

According to HTX market data, Lisk (LSK) has been rallying continuously, surging 775% in 24 hours and currently trading at $1.71.

According to HTX market data, Lisk (LSK) has surged over 515% in the past 24 hours, currently trading at $1.24.