Robinhood Stock Tokens: issuer, structure and holder rights

Robinhood Assets (Jersey) Limited, company number 162428, is the legal issuer. Its sole shareholder is Robinhood International, Inc., which is owned by Robinhood Markets, Inc. It was incorporated on 23 October 2025. The base prospectus describes limited recourse to the collateral for each series, rather than a general claim against the parent group. Base prospectus: The Issuer; Major Shareholders; limited recourse.

The named transaction parties include Alpaca Securities LLC as broker and custodian, Security Agent Services AG as security and verification agent, Bitstamp Global Ltd as authorised participant, and JPMorgan Chase Bank, N.A., London Branch as paying-account provider. These are separate functions: buying shares, holding collateral, checking backing, handling primary issuance and moving cash. Current service-provider list.

Benefit. Standard ERC-20 tokens let eligible holders use the same wallets and applications as other onchain assets. Chainlink feeds supply reference prices. Corporate actions adjust the share-equivalent exposure through a multiplier while raw token balances remain unchanged. This makes integration practical, but a price feed does not guarantee the price at which a DEX will execute a trade. Technical mechanics.

Exit. Selling to another eligible market participant is different from redeeming with the issuer. Robinhood's FAQ describes direct holder redemption where no authorised participant is available, subject to identity and AML checks. Its public fee schedule states zero subscription fees, zero redemption fees for the first 90 days from issuance, then 0.05%, subject to changes within the final terms. That schedule does not include every venue spread or network cost. Redemption FAQ; issuer fee schedule.

Risk. In a default, collateral enforcement has an order of priority: taxes and enforcement expenses can reduce the proceeds reaching holders. Some programme features, including underlying-share lending, depend on the series' final terms. Backing should therefore be checked at the product level. A parent-company logo is not a blanket repayment guarantee. Base prospectus: security arrangements and Condition 26.

A concrete example: AMC. The 12 August 2026 final terms for series 191 permit lending the underlying shares to a prime borrower, which can lend onward and must supply equivalent collateral. The risk summary explains that lent shares are replaced in the collateral package by cash or other eligible financial instruments worth at least the market value of the lent shares. This adds borrower and replacement-collateral exposure. Permission to lend is not evidence that shares are currently on loan; that requires current lending and collateral records. AMC final terms: lending provision and risk summary.

The current onchain securities must also be separated from Classic Stock Tokens in Robinhood Europe's app. The Classic product is a derivative contract with Robinhood Europe, UAB; it is not the freely transferable Jersey-issued ERC-20 instrument. Classic product FAQ.

Access is restricted. RHJ prohibits offers, sales and delivery in the United States or to U.S. persons, and names additional restrictions including Canada, the United Kingdom and Switzerland. Its prohibited-investor list can change. A permissionless network and a working wallet do not remove those distribution rules. Restricted jurisdictions.

A Robinhood Stock Token is a debt instrument. It should be compared with the precise instrument offered by another provider, rather than with a brand or ticker alone.

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