In a new nod to the meme investors who have driven its stock skyrocketing over 2,000% this year, AMC Entertainment Holdings Inc. is considering the establishment of its own cryptocurrency.
In the after-hours trade, AMC stock fell as much as 6.7% to $42.06.
AMC chief executive officer Adam Aron announced on Tuesday that the theater chain is looking into accepting Shiba Inu as well as other cryptocurrencies like Bitcoin and Dogecoin.
Creating its own crypto
AMC is also reportedly working on its own cryptocurrency, which would solidify the company’s position as the “king of meme stocks.”
In addition, the business is in talks with Hollywood studios about producing commemorative nonfungible tokens (NFTs) tied to significant films.
After releasing third-quarter results on Monday, Aron said on a conference call with investors, “this is the twenty-first century after all.”
Aron has taken advantage of AMC’s newfound popularity, which has been fueled by an army of day-trading small investors.
He’s talked to shareholders on social media, polled them for fresh business ideas, and announced this week that he’ll start selling popcorn to go at malls.
Survey says yes
Meme stock Reddit traders effectively saved AMC midway during the epidemic, and Aron has been leaning heavily into the company’s relationship with these shareholders ever since.
Last month, Aron asked his Twitter followers whether the company should increase the list of approved cryptocurrencies for BitPay purchases of AMC gift cards.
At the time, Aron noted that the company’s IT team is “developing code so that soon we will be able to take online payments in Bitcoin, Ethereum, Litecoin, and Dogecoin, among other cryptocurrencies.”
Aron also wondered if Shiba Inu, a parody coin created in response to Dogecoin, could be added to the list of acceptable currencies. The overwhelming majority of responders said “yes.”
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