U.S. spot Bitcoin and Ethereum exchange-traded funds attracted a combined $1.20 billion during the trading week ending Sept. 4, with Bitcoin products accounting for more than 80% of the total.

Bitcoin ETF inflows approach $1 billion

According to data from Farside Investors, U.S. spot Bitcoin ETFs recorded $986.7 million in net inflows between Aug. 31 and Sept. 4. The weekly intake increased about 6.7% from the $924.5 million added during the previous five trading sessions.

The funds opened the week with $216.7 million in net inflows on Aug. 31 before recording $236.5 million in withdrawals on Sept. 1. Demand returned over the following three sessions, producing inflows of $101.1 million, $730.8 million, and $174.6 million.

Sept. 3 accounted for roughly 74% of the entire weekly total. BlackRock’s spot Bitcoin products attracted $454 million that day, while ARK Invest and 21Shares’ ARKB added $137.7 million. Fidelity’s FBTC and Grayscale’s Bitcoin Mini Trust recorded $74.4 million and $48.8 million, respectively.

BlackRock’s products led the full week with about $691.5 million in net inflows. ARKB followed with $137.7 million, while Fidelity’s fund added $94.8 million.

Bitwise’s BITB received $41.7 million during the period. VanEck’s HODL posted approximately $33 million in net withdrawals, while Grayscale’s converted GBTC fund recorded a modest $18.6 million inflow.

The five-day result brought cumulative net inflows across the U.S. spot Bitcoin ETF market to approximately $55.69 billion, according to Farside’s data.

Ethereum ETF demand slows from the previous week

U.S. spot Ethereum ETFs recorded $215.3 million in net inflows over the same period, Farside data showed. Although the funds remained net positive, weekly inflows fell by around 73.6% from $815.7 million during the previous week.

Ethereum products started the period with an $87.6 million inflow on Aug. 31 and added another $8.6 million on Sept. 1. The group then recorded $48.2 million in net outflows on Sept. 2 before attracting $141.4 million on Sept. 3 and $25.9 million on Sept. 4.

BlackRock’s ETHA brought in $136.4 million during the week, while its staked Ethereum product ETHB added $81.8 million. The two BlackRock funds therefore received a combined $218.2 million, slightly more than the category’s total net inflow after withdrawals from competing products were included.

Fidelity’s FETH ended the week with only $4.7 million in net inflows. The fund attracted $65.1 million on Sept. 3 but lost $48.3 million the following session.

Grayscale’s higher-fee ETHE recorded $37 million in weekly net outflows. Grayscale’s lower-cost Ethereum Mini Trust partly offset those withdrawals with $17.1 million in inflows.

Cumulative net inflows into U.S. spot Ethereum ETFs reached approximately $13.19 billion by the end of the week.

Crypto ETF inflows diverge from wider U.S. funds

The $1.20 billion combined inflow into Bitcoin and Ethereum ETFs came during a cautious period for conventional U.S. investment funds.

Investors withdrew $11.12 billion from U.S. equity funds during the week ending Sept. 2, according to LSEG Lipper data reported by Reuters. Large-cap funds accounted for $7.52 billion of those withdrawals, while money market funds attracted $48.76 billion.

Reuters tied the broader caution to rising bond yields, higher oil prices and tensions in the Middle East. Those factors weighed on risk assets earlier in the week, but sentiment improved on Sept. 3 after Federal Reserve Governor Christopher Waller said he could support keeping interest rates unchanged if inflation continued to ease.

The shift coincided with the largest daily crypto ETF inflows of the week. Bitcoin and Ethereum funds collectively attracted about $872.2 million on Sept. 3, while Bitcoin climbed above $81,000 and Ethereum moved back toward $2,500.

The subsequent reversal showed that ETF inflows did not remove short-term macro risks. Bitcoin was trading near $79,664 at the time of writing, down about 1.8% over the latest session, while Ethereum traded around $2,458 after a 2.8% decline.

U.S. data keeps rate expectations in focus

The next test for ETF demand could come from changing expectations for U.S. interest rates. The Bureau of Labor Statistics reported that nonfarm payrolls increased by 162,000 in August, while the unemployment rate remained at 4.1%.

The stronger labor data reduced some of the optimism created by Waller’s comments because a resilient economy could give the Federal Reserve more room to keep borrowing costs elevated.

Investors will now focus on the Sept. 11 U.S. consumer price index report and the Federal Reserve’s Sept. 16 policy decision. Further evidence of persistent inflation could pressure crypto prices and ETF demand, while softer inflation would support the case for stable or lower interest rates.

Despite those risks, the weekly figures showed that U.S. investors remained net buyers of both major crypto ETF categories. Bitcoin products maintained their momentum from the previous week, while Ethereum funds stayed positive even as their weekly intake slowed.

Poland’s Sejm has fallen 25 votes short of overriding President Karol Nawrocki’s third veto of a crypto regulation bill, with 241 lawmakers supporting the measure against the 266 required.

Polish Radio reported on Sept. 4 that Poland’s lower house failed to pass the crypto bill again after President Karol Nawrocki refused to sign it for the third time.

Poland crypto bill falls 25 votes short

Of the 442 lawmakers present, 241 voted to override the president, 198 opposed the motion, and three abstained. Polish law required support from three-fifths of lawmakers voting with at least half of the Sejm’s 460 members present, setting the threshold at 266 votes.

An override would have required Nawrocki to sign the legislation. With the motion defeated, the latest version cannot advance through the legislative process.

The bill would have designated the Polish Financial Supervision Authority, known as the KNF, as the country’s crypto regulator. Its provisions were designed to support Poland’s implementation of the European Union’s Markets in Crypto-Assets Regulation, or MiCA.

Nawrocki has said he supports rules for the sector but considers the government’s version too restrictive. When he rejected the legislation on June 11, the president said lawmakers had addressed only one of the 16 changes proposed by his office.

“Bad law does not become good law simply because it is passed a hundred times,” Nawrocki said in a video statement announcing the third veto.

According to the president, the bill could place excessive burdens on Polish crypto companies and encourage some businesses to operate from other jurisdictions. He has also accused the governing coalition of repeatedly returning legislation that failed to resolve objections raised during previous rounds.

Nawrocki submitted a separate proposal that his office described as offering stronger safeguards against fraud and financial crime without imposing the same costs on legitimate companies. The president said Parliament had not supported his version.

Three vetoes have prolonged Poland’s MiCA dispute

The latest defeat follows two previous attempts by Prime Minister Donald Tusk’s government to pass a domestic crypto framework.

As crypto.news previously reported, Nawrocki rejected the first Crypto-Asset Market Act on Dec. 1, 2025. His objections included the regulator’s proposed authority to block crypto-related websites and the costs that companies could face under the law.

The Sejm tried to overturn that decision four days later. Lawmakers backed the override by 243 votes to 192 but failed to reach the required three-fifths majority.

After Parliament passed another version, Nawrocki issued his second veto on Feb. 12, arguing that it was almost identical to the original legislation. A second override attempt failed on April 17, when lawmakers voted 243–191 in favor and three abstained.

By May, the Sejm was considering competing proposals from the government, the president’s office, Poland 2050, and the Confederation party. The packages differed over the KNF’s enforcement powers and the financial penalties available to the regulator, according to earlier coverage of the bills.

The government-backed legislation passed the Sejm on May 15 against the backdrop of an investigation into Zondacrypto. The measure included licensing and reporting duties for crypto service providers, KNF supervision, and criminal liability for certain violations connected with token issuance and crypto services.

MiCA already applies across the EU, but national authorities still handle licensing, supervision and enforcement within the bloc’s common framework. The regulation covers crypto service providers, exchanges, custodians and certain token issuers, while allowing authorized companies to use passporting rules to operate across member states.

The EU’s transition period ended on July 1, leaving firms that lacked authorization facing service restrictions or an orderly wind-down. An ESMA register cited in June showed that 244 crypto service provider licenses had been issued shortly before the deadline, while Germany and France accounted for more than one-third of them.

Zondacrypto allegations shape the political fight

Before the Sept. 4 vote, Tusk urged lawmakers to override Nawrocki’s veto and referred to an investigation involving the defunct Zondacrypto exchange.

Polish Radio reported that Tusk read parts of witness testimony that implicated former Justice Minister Zbigniew Ziobro. According to the testimony presented by the prime minister, Ziobro had allegedly promised to stop the Zondacrypto case if he returned to power.

The statement alleged that PLN 2 million, worth about €463,000, was intended as “compensation” for Ziobro and would pass through a foundation established by his brother. Of that amount, PLN 500,000, or roughly €116,000, was allegedly assigned to Ziobro’s personal expenses.

Tusk said the testimony identified Ziobro’s wife, Patrycja Kotecka, as playing the main role in the alleged arrangement. The account forms part of an investigation, and the claims cited in Parliament have not been presented as court findings.

During the parliamentary debate, Tusk accused members of the opposition Law and Justice party, or PiS, of supporting people involved in questionable crypto dealings.

“You are disgracing yourselves,” Tusk told the lawmakers.

The political dispute surrounding the exchange had already surfaced during the second veto vote in April. At the time, Tusk alleged that Zondacrypto had received funds connected to Russian organized crime and had supported political and social events associated with right-wing groups in Poland. The allegations and the exchange’s political connections were detailed in an April report on Zondacrypto.

Nawrocki has rejected claims connecting him to the company. In April, he said he had never met Zondacrypto chief executive Przemysław Kral or company representatives and had no information showing that the exchange supported his presidential campaign.

U.S. crypto rules take a different route

For U.S. readers, Poland’s vote does not change access to American exchanges, crypto funds or other U.S.-regulated investment products. The Polish measure concerns domestic enforcement of an EU regulatory framework and the powers available to the KNF.

Washington has been developing its own system through federal agencies and Congress rather than adopting an EU-style single licensing regime. On Aug. 18, the U.S. Securities and Exchange Commission proposed Regulation Crypto Assets, a framework for certain investment contracts involving digital assets.

The proposal includes one exemption for offerings of up to $5 million over four years and another permitting qualifying issuers to raise as much as $75 million in a 12-month period. It also contains disclosure duties and a conditional safe harbor addressing when a crypto asset would no longer be treated as part of an investment contract.

SEC Chair Paul Atkins said the proposal was designed to give crypto companies clearer fundraising routes under federal securities laws while maintaining investor protections. The agency opened a 60-day public comment period following the publication of the proposal.

Unlike Poland’s bill, the SEC proposal focuses on securities offerings and does not create a national operating license equivalent to MiCA authorization. U.S. crypto businesses may also fall under CFTC rules, state money-transmitter requirements, and other federal or state laws, depending on their products and activities.

Separately, Poland has formally requested Ziobro’s extradition from the United States, where Polish Radio said the former minister has lived since May after losing refugee status in Hungary. The request covers 19 of the 26 alleged offenses he faces in a separate investigation concerning conduct during his time in office.

US-listed spot Bitcoin exchange-traded funds (ETFs) extended a late-summer demand surge, logging their strongest three-week stretch of 2026. The rebound coincided with Bitcoin trading around the $80,000 level, with weekly inflows accelerating into the week ending Friday.

SoSoValue data shows the funds pulled in $986.9 million during the week ending Friday. That pushed cumulative net inflows over the past three weeks to $3.8 billion. Total net assets across the suite were $101.3 billion on Friday, after rising to $103.3 billion the prior day. Since inception, cumulative net inflows reached $55.6 billion.

Key takeaways

• US spot Bitcoin ETFs attracted $986.9 million in the week ending Friday, lifting three-week net inflows to $3.8 billion.
• Friday’s total net inflow was $174.6 million, down from a much larger Thursday surge of nearly $731 million.
• BlackRock’s IBIT led demand with $117.4 million on Friday, about 67% of that day’s inflows, per Farside Investors.
• Bitcoin ETF momentum is improving versus the prior week, but year-to-date flows remain about $1 billion negative, reflecting lingering uncertainty from earlier 2026 outflows.
• While Bitcoin inflows strengthened, spot Ether and XRP ETF flows fell sharply on a weekly basis.

Three-week rebound highlights a demand shift

The latest inflow sequence represents a significant improvement from earlier in 2026, when spot Bitcoin ETFs experienced heavy outflows. The contrast matters for market participants tracking whether institutional demand is broadening or simply reacting to short-term price moves.

According to SoSoValue, the three-week net inflow total of $3.8 billion is far more consistent than the earlier part of the year. Still, the broader picture remains mixed: year-to-date net flows are reported to be roughly $1 billion negative. That implies the ETF complex is recovering, but not fully reversing the cumulative drain from prior months.

Net asset values also underline the pace of the recovery. Total net assets across the US-listed spot Bitcoin ETFs stood at $101.3 billion on Friday, following a brief bump to $103.3 billion on Thursday.

Friday inflows cool after Thursday’s spike

Demand didn’t maintain Thursday’s intensity. US spot Bitcoin ETFs recorded $174.6 million in net inflows on Friday, according to the reporting in the week’s flow recap. That figure was a sharp drop from the nearly $731 million recorded a day earlier, as referenced by earlier market coverage linked in the source.

Within the broader total, BlackRock’s iShares Bitcoin Trust (IBIT) remained the dominant driver. Farside Investors data cited in the source shows IBIT received $117.4 million on Friday, contributing about 67% of the day’s net inflows.

Elsewhere, Fidelity’s Wise Origin Bitcoin Fund (FBTC) was the only other fund to post net inflows, attracting $57.2 million. All other US spot Bitcoin ETFs recorded no net flows for the day, highlighting how concentrated inflow activity can be even in a strong overall period.

Price action also provides context for the flow pattern. Bitcoin slid from around $81,200 to briefly under $79,000 on Friday. At the time of publication, Bitcoin traded at $79,716, up about 2.6% over the prior seven days, based on CoinGecko data included in the source.

Rotation away from Ether and XRP ETFs

The rebound in Bitcoin ETF inflows came alongside a noticeable weakening in other crypto-asset ETF demand. Compared with the previous week, Bitcoin ETF inflows were up by about 7%, while flows into US spot Ether and XRP ETFs fell by roughly 74% and 83%, respectively, based on SoSoValue figures.

SoSoValue shows spot Ether ETF inflows dropped to $218.4 million from $824.4 million a week earlier. For XRP, inflows declined to $19 million from $110.5 million over the same comparison period.

Despite the weekly pullback, both Ether and XRP ETF products remain net positive for the year. SoSoValue data cited in the source indicates US spot Ether ETFs have recorded about $863 million in net inflows year-to-date, while XRP ETFs have attracted roughly $515 million.

This divergence is a useful signal for investors: even when institutional allocation preferences shift, it often happens unevenly across asset classes rather than uniformly. For traders and allocators, the key is whether the Bitcoin-specific demand trend continues long enough to further erode earlier negative year-to-date positioning.

What to watch next as flows become the focus

With Bitcoin ETF inflows showing resilience after earlier outflows, the next question is whether the complex can sustain inflow momentum beyond this three-week window—especially given Friday’s cooling versus Thursday’s outsized day. Investors should watch for whether IBIT and FBTC continue to concentrate the bulk of inflows, and whether Ether and XRP ETFs remain under pressure or stabilize after their recent weekly declines.

US-listed spot Bitcoin exchange-traded funds (ETFs) have recorded their strongest three-week inflow stretch of 2026 as Bitcoin traded around $80,000.

The funds attracted $986.9 million in the week ending Friday, bringing net inflows over the past three weeks to $3.8 billion, according to SoSoValue data.

Total net assets across the funds stood at $101.3 billion on Friday after briefly rising to $103.3 billion a day earlier, while cumulative net inflows reached $55.6 billion.

ETF demand marks a sharp turnaround from heavy outflows earlier in 2026, though year-to-date net flows remain roughly $1 billion negative.

Bitcoin ETF inflows cool after Thursday surge

US spot Bitcoin ETFs attracted $174.6 million in net inflows on Friday, down sharply from the nearly $731 million recorded a day earlier.

BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF by assets, drew $117.4 million on Friday, accounting for about 67% of the day’s total net inflows, according to Farside Investors data.

Daily spot Bitcoin ETF flows from Monday through Friday. Source: SoSoValue

Fidelity’s Wise Origin Bitcoin Fund (FBTC) was the only other fund to record net inflows, attracting $57.2 million, while all other US spot Bitcoin ETFs recorded no net flows for the day.

Related: Surprise nonfarm payrolls print sends Bitcoin back below 80K

The slowdown came as Bitcoin fell from around $81,200 to briefly below $79,000 on Friday. Bitcoin traded at $79,716 at the time of publication, still up about 2.6% over the past seven days, according to CoinGecko.

Bitcoin ETF demand strengthens as Ether, XRP flows fade

Compared with the previous week, Bitcoin ETF inflows increased about 7%, while inflows into US spot Ether and XRP ETFs fell about 74% and 83%, respectively.

Spot Ether ETF inflows dropped to $218.4 million from $824.4 million, while XRP ETF inflows declined to $19 million from $110.5 million, according to SoSoValue.

Despite weaker inflows, Ether and XRP ETFs remain in positive territory for the year. US spot Ether ETFs have recorded about $863 million in net inflows year-to-date, while XRP ETFs have attracted roughly $515 million.

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In this week’s edition of the weekly recap, Polymarket pursued a $1 billion funding round at a proposed $21 billion valuation, while Cronos reversed its blockchain after a $75 million exploit. U.S. spot Bitcoin ETFs also posted their strongest daily inflow since January as BTC briefly crossed $82,000.

Polymarket seeks $1 billion at $21 billion valuation

• Donald Trump Jr.’s 1789 Capital agreed to lead a planned $1 billion Polymarket funding round with an investment of roughly $300 million. The transaction would value the prediction market platform at $21 billion, up from nearly $15 billion.
• The planned investment would bring 1789 Capital’s disclosed Polymarket commitments to about $500 million. Polymarket returned to the U.S. through its $112 million acquisition of CFTC-licensed QCEX after restricting American users under a 2022 settlement.

Cronos reverses chain after $75 million exploit

• Cronos rolled back its blockchain following an exploit involving the Tectonic lending protocol and about $75 million in assets. Validators reverted the network to a point before the attack after initially halting block production.
• RedStone said the incident did not result from an oracle failure, challenging early claims about the exploit’s cause. The rollback restored the earlier network state but also raised questions about transaction finality and validator control.

Bitcoin ETFs draw $731 million as BTC reverses

• U.S. spot Bitcoin ETFs recorded $730.8 million in net inflows on Sept. 3, their strongest daily result since January. The inflow followed renewed institutional demand after an earlier period of withdrawals.
• Bitcoin briefly climbed above $82,000 before stronger-than-expected U.S. employment data lifted Treasury yields and reduced expectations for easier Federal Reserve policy. BTC subsequently erased its daily gains and returned to the $79,000 range.

FinCEN traces $12.7 billion to crypto scams

• The Financial Crimes Enforcement Network linked about $12.7 billion in transactions to suspected Southeast Asian crypto investment scams between 2020 and 2025.
• FinCEN said criminal networks used fraudulent investment platforms, social engineering, and forced-labor compounds to target victims. The agency asked U.S. financial institutions to monitor shell companies, rapid stablecoin transfers, and payments to platforms introduced through unsolicited online relationships.

CLARITY Act loses law enforcement opponent

• The National Sheriffs’ Association withdrew its opposition to the CLARITY Act and adopted a neutral position before the Senate’s scheduled Sept. 15 procedural vote.
• The group had raised concerns about anti-money laundering rules covering DeFi platforms and non-custodial software. Neutrality does not amount to endorsement, but the change removes an active source of law enforcement opposition as supporters seek the 60 votes needed to advance the bill.

Strategy buys 4,603 Bitcoin

• Strategy purchased 4,603 BTC for $369.7 million between Aug. 24 and Aug. 30, returning to accumulation after more than two months without a confirmed purchase.
• The company paid an average of $80,318 per Bitcoin and raised the acquisition funds through sales of MSTR shares. Its total holdings reached 845,050 BTC, acquired for approximately $63.73 billion at an average cost of $75,412 per coin.

Banks commit to joint stablecoin company

• Bank of America, Citi, Goldman Sachs and 18 other financial institutions committed to forming a stablecoin company during the second half of 2026, subject to closing conditions.
• The consortium plans to launch a U.S. dollar stablecoin in the first half of 2027 and may later issue tokens tied to other G7 currencies. The group has not disclosed the token’s name, blockchain, reserve custodian or final redemption model.

SEC proposes tokenized securities recordkeeping rules

• The Securities and Exchange Commission proposed its first major transfer-agent rule overhaul in more than four decades as tokenized securities enter regulated U.S. markets.
• The proposal would update registration, recordkeeping, transfer processing, and asset-protection requirements. Blockchain-based transfer agents would face controls covering digital records, cybersecurity, audit trails, and business continuity. Public comments will remain open for 60 days after Federal Register publication.

ICE taps tZERO for NYSE tokenization platform

• Intercontinental Exchange agreed to invest in tZERO and license its blockchain patents as the companies develop infrastructure for a planned NYSE-affiliated tokenized securities platform.
• tZERO will assist with transfer-agent and broker-dealer systems intended to support onchain issuance, trading, and settlement. ICE did not disclose its investment, while the proposed round-the-clock trading platform still requires regulatory approval.

Fairshake retains $122 million for U.S. elections

• Crypto industry-backed super PAC Fairshake entered the final stage of the 2026 U.S. election cycle with $122 million available after supporting nearly 50 successful primary candidates.
• Fairshake and its affiliates have backed candidates from both parties, including several lawmakers who supported digital asset legislation. The group’s largest primary defeat followed more than $10 million in spending against Illinois candidate Juliana Stratton.

Coinbase files for U.S. stock perpetuals

• Coinbase filed two SEC notices as it works with U.S. regulators to introduce perpetual futures tied to individual public companies.
• The planned contracts would offer continuous stock-price exposure without giving traders ownership of the underlying shares. The filings do not constitute regulatory approval, and Coinbase has not announced a launch date or list of supported companies.

Revolut receives conditional U.S. bank approval

• Revolut secured conditional approval from the Office of the Comptroller of the Currency to establish a national bank in Stamford, Connecticut.
• The fintech plans to contribute about $95 million in initial capital and aims to open the bank in the first half of 2027. Planned products include deposits, cards, loans, foreign exchange, and a stablecoin, although FDIC, Federal Reserve, and final OCC approvals remain outstanding.

Chainlink takes U.S. economic data onchain

• Chainlink introduced U.S. economic data feeds on 10 blockchains through the Department of Commerce’s blockchain data program.
• The feeds distribute Bureau of Economic Analysis indicators for use in smart contracts and financial applications. The rollout followed an earlier initiative that published U.S. gross domestic product data across nine networks, including Bitcoin, Ethereum, and Solana.

Russia opens regulated crypto trading

• Russia’s comprehensive framework for crypto trading, custody and cross-border settlements took effect on Sept. 1 under Bank of Russia supervision.
• Non-qualified investors can purchase up to 300,000 rubles of eligible crypto annually through each intermediary after passing a test. Qualified investors face no equivalent purchase cap. Crypto remains prohibited for domestic payments but can be used for foreign trade settlements.

Robinhood and AMC clash over stock tokens

• AMC Entertainment CEO Adam Aron objected to Robinhood’s token linked to AMC shares, arguing that the company had not authorized the product. The dispute later escalated into a legal threat after Robinhood refused to withdraw it.
• Robinhood’s stock tokens target eligible customers outside the United States and do not carry the same ownership or voting rights as registered shares. The conflict added pressure for clearer rules governing tokenized equity products.

Adam Aron discovered that Robinhood had tokenized AMC stock on its own blockchain without telling anyone at AMC. His reaction set off a corporate brawl that exposed the biggest unresolved question in tokenized finance: who gets to decide what happens to your stock?

The call came from inside the house. Or more accurately, from a blockchain that AMC Entertainment’s leadership did not know existed until someone flagged a tokenized version of their stock trading on it.

Adam Aron has never been accused of underreaction. The AMC chief executive built a second career out of theatrical corporate communication during the meme stock era, turning earnings calls into spectacles and his X account into a direct line to retail investors who treated AMC shares like a lifestyle brand. But when Aron discovered that Robinhood had listed a tokenized version of AMC stock on Robinhood Chain, the platform’s proprietary blockchain that launched July 1, his reaction went past theater into something closer to genuine corporate rage.

“Contemptible, outrageous, disgusting, detestable, inexcusable, vile.” Six adjectives, posted publicly, each one a legal signal flare. Aron was not performing. He was building a record.

The confrontation that followed has cracked open a fault line that the crypto industry, traditional finance, and regulators have all been tiptoeing around for years. When a company can be tokenized without its consent, without registration, and without granting any of the rights that make stock ownership meaningful, the question stops being about technology and starts being about power. Specifically: who has it, who lost it, and whether the SEC intends to do anything about it before every public company in America wakes up to the same surprise Aron did.

Adam Aron did not take it well

The timeline matters because it reveals how completely AMC was blindsided.

Robinhood Chain went live on July 1. Within weeks, it had accumulated $47 billion in cumulative DEX volume and was generating $4.01 million in daily revenue. The chain offered tokenized versions of stocks, and the list was not short. More than 190 companies were represented, all tokenized through Robinhood Assets (Jersey) Limited, a subsidiary incorporated in the Channel Islands.

AMC was one of those 190 companies. Nobody at AMC knew. Aron found out the way most CEOs find out about things they should have been told about weeks earlier: someone on social media pointed it out. His response was immediate and volcanic. The six-adjective post on X was just the opening. Aron followed it with a series of statements that escalated from angry to existential, calling the tokenization “almost existential” for AMC and every other public company caught in the same trap.

His argument was straightforward and, stripped of the theatrics, difficult to dismiss. AMC spends millions of dollars every year on SEC compliance. Lawyers, auditors, filings, disclosures, all the machinery that public companies maintain to operate within the regulatory framework that governs US securities markets. Robinhood, Aron argued, had recreated the economic exposure of AMC stock from a jurisdiction 3,000 miles offshore, with none of the same obligations, none of the same costs, and none of the same accountability.