By
Bena Ilyas
May 13th, 2024
AMC may approve DOGE as a form of crypto payment in the first quarter of the coming year.
AMC Entertainment Holdings (NYSE: AMC) has started allowing its customers to make payments in crypto. According to an announcement by the CEO of the theatre chain, Adam Aron, AMC now accepts crypto such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
AMC Customers to Begin Paying in Crypto
Aron revealed the new acceptable payments options in a tweet posted on the 12th of November. The CEO wrote:
“Big newsflash! As praised, many new ways NOW to pay online at AMC. As proudly now accept drumroll, please… Bitcoin, Ethereum, Bitcoin Cash, Litecoin. Also Apple Pay, Google Pay, PayPal. Incredibly, they already account for 14% of our total online transactions! Dogecoin next.”
Before the announcement, Aron had hinted at AMC accepting BTC, ETH, and the other crypto assets. Last month, the CEO revealed in a tweet that the company’s IT group was writing code to enable crypto payments. He further asked if AMC should add Shiba Inu to the list of supported crypto. According to the poll results, 81.4% of participants believe AMC should begin to accept payments in Shina Inu.
During AMC’s Q3 earnings call on the 9th of November, Aron said the theatre chain was exploring the crypto space. He noted:
“There’s just been a tidal wave of inbound messaging to our company, and to me personally, that we ought to get much more active in the sphere of cryptocurrency and that there was a real opportunity for AMC.”
During the call, the CEO said that there is a high demand for Dogecoin, influencing the company’s decision. Hence, AMC may approve DOGE as a form of crypto payment in the first quarter of the coming year.
AMC Sees Increase in Revenue
In Q3, AMC pulled in revenue worth $755.6 million, exceeding a consensus estimate of $708.3 million. Also, the company said its attendance in the third quarter increased to 40 million. This is about 34 million rises over the 6.5 million recorded in the previous year.
There are also reports that the entertainment company is considering developing its own crypto. In October, the CEO noted that “there are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency.”
At the time of writing, AMC is trading at a premarket price of $39.01. The current trading price is a 1.14% decline over its previous close of $39.46. With a market cap of $19.66 billion, the entertainment company has gained over 1,242% over the past year. The company has also spiked 1,761% since the year began and gained 19.32% in the last three months.
On the other hand, AMC has lost 1.52% over the past month and declined by 1.47% in the last five days.