Backpack CEO critiques "AMC CEO slams Robinhood stock tokenization controversy": Robinhood stock tokens are debt securities, with less than $1 of every $1 invested by users flowing into the actual stock market

The Odaily Planet Daily reports that in response to today's "AMC CEO questions Robinhood over stock tokenization controversy," Backpack CEO Armani Ferrante posted on X, stating that he is a maximalist on tokenization, but agrees that Aron's core concerns carry substantive weight: Robinhood's Stock Tokens are debt securities, not 100% backed by the underlying stocks. Funds used to purchase tokens cannot all flow into the actual stock market, but are instead routed through authorized participant redemption mechanisms and partial cash/eligible financial instrument collateral, causing value leakage to intermediaries and potentially leading to divergence between on-chain prices and the underlying shares. He was quoted as saying: "For every $1 a user spends on Robinhood stock tokens to buy the corresponding stock, less than $1 actually flows into the real stock market."

He further noted that proper tokenization should be strictly aligned with the stock market, achieving 1:1 stock backing, direct linkage to real market trading, and granting users full shareholder rights, thereby bringing more international capital inflows to listed companies. He also praised Robinhood Chain as one of the most exciting ecosystems in the crypto space recently, urging the industry to get tokenization right through iteration.