Diverging paths in stock tokenization: Nasdaq and Kraken versus Robinhood

A structural divide is emerging in the stock tokenization market. Nasdaq is investing $100 million in Kraken (Payward) to develop the Nasdaq Equity Token (NET) framework, which integrates blockchain records directly into official shareholder registries, granting token holders full legal rights. Conversely, Robinhood issues tokenized stocks as debt instruments via an offshore entity, which has drawn criticism from AMC CEO Adam Aron over the separation of ownership and voting rights.