Robinhood plans to let holders of its Stock Tokens redeem them for real shares and vote those shares, the company’s crypto chief said on Monday.

Johann Kerbrat, Robinhood’s senior vice president and general manager of international and crypto, set out the plan on X at 11:17 a.m. ET. “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 reposted 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 drawn 244,000 and 294,700 views respectively by mid-afternoon. Robinhood has published no press release on the change.

Cash At Redemption

Delivering either one requires rewriting the offering documents that define the product. Stock Tokens are not shares. They are tokenized debt securities issued from Jersey under a prospectus that settles every redemption in cash, and the shares backing them can be lent to a borrower who keeps the votes.

The base prospectus for the tokens, dated June 25 and approved by the Financial Market Authority Liechtenstein, answers the redemption question directly.

Under the heading “Can I physically receive the Underlying at redemption?” it reads: “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 repeats 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 says holders “can also redeem them directly with the Issuer, where there is no authorized participant,” subject to KYC 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% after that.

The insolvency answer on the same page describes the same settlement. 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

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 is what Robinhood relied on when AMC Entertainment CEO Adam Aron attacked the AMC stock token this month. Chief Legal Officer Dan Gallagher told Aron to “send your lawyers and we’ll educate them,” and the dispute turned into an argument across the sector over which tokenized stock model wins. Ondo Global Markets has added proxy voting through Broadridge outside the US, and Dinari’s dShares can be burned for redemption at market value.

The Shares Get Lent

The final terms for individual tokens add a second obstacle to passing votes through. 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 says, 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 bear on the backing claim. Kerbrat wrote that “all Robinhood Stock Tokens are backed 1:1 with real shares in secure custody.” The Apple final terms say 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 has sections for corporate actions, price deviations, an FAQ, product details, service providers, restricted jurisdictions and disclosures. None of them carries a lending figure.

The custody partner Robinhood’s marketing page leaves unnamed is disclosed 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 buying on June 2, 2025, is 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 Does The Voting

Kerbrat pointed to an existing Robinhood asset as the mechanism for 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, are identified to Robinhood only if they complete the issuer’s KYC checks, and are not sold the tokens at all if they reside in the United States, Canada, the United Kingdom or Switzerland.

$170M in Volume

Kerbrat opened the thread with two figures: “Stock Tokens TVL reaching over $170M and nearly $50B in DEX volume on the Robinhood Chain.”

The Robinhood Chain stocks ecosystem holds $168.47 million across its tokens, with $212.08 million of 24-hour volume, according to CoinGecko. The largest are tokenized SPY at $24.6 million, NVDA at $22.4 million and SpaceX at $11.2 million.

The $50 billion is chain-wide. Robinhood Chain carried $12.25 billion of decentralized exchange volume over seven days and $32.74 billion over 30, per DefiLlama, with total value locked at $916.6 million. Uniswap handles about 84% of it. The Defiant reported in July that the chain had passed Solana in tokenized stock volume on the strength of memecoin pairs, and this month that tokenized equities traded $1.01 billion over a weekend with US exchanges shut.

Robinhood lists more than 190 Stock Tokens. HOOD 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).