AMC Explores Adding Shiba Inu to Crypto Payments Lineup
AMC Entertainment is apparently exploring ways to add Shiba Inu to the list of cryptocurrencies it accepts as a payment method in its theaters. The company’s developers are already hard at work adding code to support a group of parts, and now they can be even busier.
The cinema chain is currently preparing to accept Bitcoin, Dogecoin, Ethereum, and Litecoin for tickets and concessions in the coming months. Additionally, customers can already purchase digital gift cards with Dogecoin through a BitPay wallet.
When calling AMC’s third quarter results on Monday, management revealed that they are considering adding Shiba Inu to this list. The wheels of the movie chain are spinning to support the popular coin in the wake of Shiba Inu’s bullish October. AMC has also revealed that it will be ready to accept crypto payments in the first quarter of 2022.
Break: AMC CEO is working to bring $ SHIB as payment. ??
– David Gokhshtein (@davidgokhshtein) November 8, 2021
The writing for Shiba Inu is almost on the wall. At the end of October, AMC CEO Adam Aron asked his Twitter followers whether the company should take SHIB. After receiving over 150,000 votes, the results were clear when more than 80% of poll participants voted in favor to accept online payments in Shiba Inu.
AMC has not finished 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 through partnerships with movie studios.
AMC isn’t the only big company looking to dig deep into crypto. The payments platform PayPal said in its third quarter earnings call that it was also looking to strengthen its crypto options.
AMC Entertainment shares rose 8% on Monday to recover the $ 45 level. The stock deteriorated amid extended hours of trading in the wake of the company’s third quarter results. For the year, the stock is up over 2,000%, a rally that was sparked by the loyalty of retail investors who decided to upset sophisticated hedge fund traders with short positions in AMC.
AMC CEO Adam Aron warned that the company is not yet fully emerged from the pandemic and faces challenges ahead. Nonetheless, the stock was extremely resilient and the third quarter results were a step in the right direction.
For the third quarter, AMC reported revenue of $ 763.2 million, beating Wall Street estimates of $ 708.3 million. AMC recently raised the prices of concessions at its theaters, fueling growth in its food and beverage sales as customers handed out more popcorn and soda.
In addition, AMC’s quarterly loss was lower than expected at $ 224.2 million, or $ 0.44 per share. Analysts were bracing for a loss of $ 0.53 per share.