AMC (NYSE:AMC) bulls, rejoice: The company is finally delivering on its big promise. The theater chain is rolling out crypto payments starting today. The moment is one that AMC stock holders and crypto bulls alike have been waiting for. But as AMC starts accepting Dogecoin (CCC:DOGE-USD), there’s still a long way to go.
AMC’s Q2 earnings call started a lot of buzz. The company is beginning to look more and more like a legitimate holding and less like a meme stock by the day, with the company absolutely smashing projections for its earnings. But more importantly, that call came with a slew of promises and teasers out of the AMC camp, delivered by CEO Adam Aron.
Aron caused quite a stir with announcements; he told shareholders that the company would be adding theaters in dense areas, working on incorporating live sports and music experiences, and collaborating with GameStop (NYSE:GME). However, none of these announcements hold a candle to the excitement caused by Aron’s promise to bring crypto payments to AMC theaters.
The company doubled down on its promise in mid-September, when Aron both reiterated his intentions to allow crypto payments and announced that the company would be accommodating more cryptos than previously stated.
AMC Starts Accepting Dogecoin, Plans to Keep Moving With Crypto Rollout
This week, Aron’s promises are beginning to come to reality. The CEO is breaking news this week that customers can buy digital gift cards for AMC using Dogecoin. As of right now, the offer is only available to those paying with BitPay wallets.
The announcement is a very timely one, considering the optimistic week DOGE is seeing. The meme coin has been chasing down the losses it’s faced in the last month, and it’s getting close to closing that gap. In the last seven days, Dogecoin has seen gains of 29%.
Of course, as AMC starts accepting Dogecoin, it’s a big moment. But it’s only a small step in a longer, more robust plan. The company intends to add payment methods for a slew of cryptos, including Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD) and Litecoin (CCC:LTC-USD). It also plans to shoot higher than just gift card sales; the company wants to accommodate ticket sales with crypto payments as well. Aron states he wants to make these broader payments available by the end of the year.
The news, while appealing, is not doing well to buoy AMC stock values. Shares are trading down by nearly 3% today. Dogecoin is also in the red, losing just over 1%.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
