AMC Explores Addition of Shiba Inu to Crypto Payments Lineup
AMC Entertainment is seemingly exploring ways to add Shiba Inu to the list of cryptocurrencies that it accepts as a payment method at its theatres. The company’s developers are already hard at work adding code to support a group of coins, and now they may be even busier.
The movie chain is currently gearing up to accept Bitcoin, Dogecoin, Ethereum, and Litecoin for tickets and concessions in the coming months. Plus customers can already buy digital gift cards with Dogecoin via a BitPay wallet.
On AMC’s Q3 earnings call on Monday, management revealed that they are looking into adding Shiba Inu to that list. The movie chain’s wheels are turning to support the popular meme coin on the heels of Shiba Inu’s bullish October. AMC also revealed that they will be prepared to accept crypto payments in Q1 2022.
Breaking : CEO of AMC working on bringing $SHIB as a payment. 😳
— David Gokhshtein (@davidgokhshtein) November 8, 2021
The writing for Shiba Inu is nearly on the wall. In late October, AMC CEO Adam Aron polled his Twitter followers about whether the company should take SHIB. After receiving more than 150,000 votes, the results were clear when more than 80% of survey participants voted in favor of accepting online payments in Shiba Inu.
AMC is not done innovating and is also interested in potentially issuing its own cryptocurrency as well as going down the rabbit hole on non-fungible tokens, or NFTs via partnerships with movie studios.
AMC is not the only major company looking to go deeper into crypto. Payments platform PayPal said on its Q3 earnings call that it is also looking to bolster its crypto options.
Shares of AMC Entertainment rallied 8% on Monday to reclaim the $45 level. The stock took a turn for the worse in extended-hours trading on the heels of the company’s Q3 earnings results. For the year, the stock is up 2,000%-plus, a rally that was ignited by the loyalty of retail investors who set out to upend sophisticated hedge fund traders with short positions in AMC.
AMC CEO Adam Aron warned that the company is not totally out of the woods yet from the pandemic and faces challenges ahead. Nonetheless, the stock has been extremely resilient and Q3 results were a step in the right direction.
For Q3, AMC reported revenue of $763.2 million, surpassing Wall Street estimates of $708.3 million. AMC recently hiked prices for concessions at its theatres, fueling growing in its food and beverage sales as customers doled out more for popcorn and soda.
In addition, AMC’s quarterly loss was narrower than anticipated at $224.2 million, or $0.44 per share. Analysts were bracing for a loss of $0.53 per share.