AMC Slams Robinhood's Approach To Tokenized Stocks: Why Kraken and Bullish Are Betting Big Anyway

On this episode of CoinDesk's Public Keys from the New York Stock Exchange, host Jennifer Sanasie is joined by special guest co-host Ophelia Snyder, Co-Founder of 21Shares. Payward Chief Commercial Officer Mark Greenberg breaks down Kraken parent Payward's new partnerships with SoFi and the London Stock Exchange, and how xStocks is bringing tokenized equities and 24/7 markets to investors around the world. Bullish Exchange President Chris Tyrer unpacks Bullish's $4.2 billion acquisition of transfer agent Equiniti, its first tokenized-share trades on a GFSC-regulated venue, and the competing models shaping the future of tokenized stocks. Plus, Sanasie and Snyder break down another billion-dollar week for Bitcoin and Ethereum ETFs and what shifting macro conditions could mean for crypto. - Learn more at bullish.com. - Register now for CoinDesk's Policy and Regulation event on September 22, 2026: policy-regulation.coindesk.com. - To get market-moving news delivered daily, download CoinDesk's mobile app: linktr.ee/coindeskapp. - Chapters/Timecodes: 00:00 Welcome to Public Keys 00:40 Has the Mood Shifted on the Clarity Act? 03:32 The ColdCard Hack and the Case for Intermediaries 05:26 Payward's Mark Greenberg Joins 05:47 Inside the London Stock Exchange xStocks Deal 07:11 Will xStocks Come to the US? 08:41 The AMC-Robinhood Tokenized Stock Spat 09:57 Why Issuers Should Embrace Tokenized Equities 11:13 Nasdaq Equity Tokens and Yield on xStocks 13:20 Bullish's Chris Tyrer on the $4.2B Equiniti Deal 14:23 The Three Models of Tokenized Equity 15:10 Who Owns Your Stock? Cede & Co. and Issuer Visibility 17:51 Tokenization as the Next Mega Trend 19:31 Turning Shareholders Into Members 21:31 Tokenization, NFTs, and the Governance Problem 24:28 Another $1.2B Week for BTC and ETH ETFs 25:04 Reading the Flows: Macro and a Bitcoin Regime 27:47 Alt Flows and the First US Staked TRON ETF