June 25, 2025 — AMC Entertainment Holdings, Inc. (NYSE: AMC), the world’s largest theater chain that has become a focal point for retail investors, is drawing attention due to an alarming 75.95% of its trading volume occurring off-exchange, according to data shared on X by financial commentator The Butcher of Wall Street Marcel Kalinovic (@BossBlunts1).
The snapshot, reflecting trading activity as of June 23, 2025, at 10:05 AM EDT, highlights a stark contrast with the 9.48% volume traded on the New York Stock Exchange (NYSE), raising concerns about market transparency and its impact on stock pricing.
The data, posted with the image, reveals that off-exchange trading accounted for 873,041 shares, compared to just 108,950 shares on the NYSE.
This trend, with a 30-day percentage change of 57.72% off-exchange versus 14.22% on-exchange, suggests a growing reliance on dark pools—private trading venues where buy and sell orders are matched away from public exchanges.
Kalinovic asserts in his post that this high off-exchange activity is due to market makers lacking sufficient real shares, leading to the creation of synthetic shares to meet demand.
He states, “AMC shares are traded in darkpools AKA ‘off-exchange’ 76% of the time bc market makers don’t have enough real shares.”
Negative Impacts on Stock Price
The prevalence of off-exchange trading, particularly through mechanisms like Payment for Order Flow (PFOF), has sparked debate about its effect on AMC’s stock price.
Kalinovic suggests that market makers use synthetic shares to artificially dilute the stock, a practice he claims is legal and facilitated by PFOF.
This dilution can suppress the stock price by increasing the available supply without a corresponding increase in demand, a concern echoed by X user @tendies_bananas, who remarked on June 24, 2025, “Not just create synthetic shares…..Billions of synthetic shares. Big difference on just doing it here and there. It’s on the daily for years.”
Such practices erode investor confidence and contribute to price instability, as the true supply of shares remains obscured, a topic we’ve shared since 2021.
Additionally, the lack of transparency in dark pool trading can disadvantage retail investors.
@49G (@matlock49g) expressed frustration stating, “Might as well be 100 percent.
It’s not even fucking fair to retail investors what’s the point to invest in to any stock if the market efficiency is broken.”
This sentiment reflects a broader concern that off-exchange trading undermines the price discovery process, potentially leading to undervaluation of AMC stock.
Investor sentiment on X reveals a mix of outrage and defiance among AMC shareholders.
Many are holding firm, refusing to sell their shares despite the market dynamics. Kalinovic himself noted, “I’m not fucking selling my AMC!” in a reply on June 24, 2025, a sentiment mirrored by @xrphappy, who added, “Not selling my AMC.”
This resolve is fueled by speculation of a potential short squeeze, with Kalinovic predicting, “I SMELL A SHORT SQUEEZE,” citing the massive retail ownership—estimated at 90% of the float—and the company’s post-COVID recovery.
The possibility of “shorts getting obliterated” due to naked shorting by market makers has galvanized the community.
However, skepticism persists.
@Your_wifes_boyfriend (@URWIFEB0YFRIEND) lamented, “Supply and demand on Wall Street is a complete joke,” highlighting a perceived lack of fairness.
The discussions also touch on systemic issues relating to equity swaps and naked shorts, suggesting a deeper manipulation affecting AMC’s valuation.
Related: Robinhood Now Becomes Center of Allegations in Illegal Short Selling
Why This Matters
The high off-exchange trading volume aligns with industry trends, as noted in recent analyses indicating that off-exchange trading exceeded 50% of total U.S. equities volume in late 2024 and early 2025.
This shift affects stocks across market caps, including those heavily traded by retail investors like AMC.
The company, headquartered in Leawood, Kansas, and founded in 1920, continues to navigate its recovery, but the off-exchange dominance complicates its stock’s market perception.
As AMC shareholders rally against perceived market inequities, the 75.95% off-exchange trading volume underscores a critical issue for the stock’s pricing and investor trust.
While some see a short squeeze on the horizon, the reliance on dark pools and synthetic shares raises questions about the integrity of AMC’s market.
But I’m curious to know what you think — leave your thoughts below.
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