Well, it finally happened. Movie theater company and current meme-stock mainstay AMC Entertainment (NYSE:AMC) has officially begun accepting Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD), Bitcoin Cash (CCC:BCH-USD) and Litecoin (CCC:LTC-USD) as payment for movie tickets. AMC crypto news is no new phenomenon, but after months of whispers, rumor have met reality for the meme-ified entertainment company. In the announcement tweet, AMC Chief Executive Officer (CEO) Adam Aron even teases accepting Dogecoin (CCC:DOGE-USD) in the future.
AMC’s infatuation with crypto is likely an attempt to forge relationships with the same meme bulls who raised the dwindling stock more than 1,700% this summer. Indeed, AMC has had a rather affectionate relationship with the “apes” over at popular investing subreddit r/WallStreetBets, who are likely going bananas over the recent announcement.
As a reminder, AMC was part of a group of objectively failing companies like GameStop (NYSE:GME) that the subreddit has rallied behind. The group of investors made investments in the companies with the goals of both cashing in on the undervalued businesses as their share prices went up and pinching many institutional investors who had shorted the failing stocks.
And boy, did they succeed. The event became known as the greatest transfer of wealth from Wall Street to Main Street in history.
The Big AMC Crypto News Exciting Investors
As per the announcement tweet, it doesn’t appear AMC is letting off the gas anytime soon.
In an earnings call earlier this week, Aron announced the company was “exploring” ways to accept Shiba Inu (CCC:SHIB-USD) going forward. The CEO even launched a Twitter poll on the matter, which was laughably one sided. In total, 87.6% of 153,100 voters voted for AMC to accept the mostly useless crypto. AMC would likely be the SHIB crypto’s first major merchant, but it may not be the last. After all, the crypto has gone up more than 11,000,000% since August 2020.
However, there’s some other AMC news worth mentioning. On Tuesday, news broke of Aron selling $25 million worth of shares as part of reported “estate planning.” On the news, the stock dropped 4% Wednesday and another 3% in after-hours trading — even despite Aron offering fair warning to investors.
Currently, AMC is up almost one percentage point heading into the afternoon. This comes as cryptos are down across the board after enjoying a strong week.
On the date of publication, Shrey Dua 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.