AMC CEO Says Shiba Inu Is The 'Next One On Our Cryptocurrency Hit Parade' As Theater Chain Explores Adding 'Dogecoin Killer'

AMC Entertainment Holdings Inc AMC CEO Adam Aron said Monday that the cinema chain was exploring how to accept Shiba Inu SHIB/USD.

What Happened: Aron’s comments came at the company’s third-quarter earnings conference call.

“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,” the AMC CEO said when asked if SHIB would be accepted as a payment, as first noted by The Verge.

Aron said that AMC’s decision to look into Dogecoin DOGE/USD as a form of payment was driven by popular demand and it should be approved for the first quarter of next year.

Aron said that SHIB, which brands itself as a "Dogecoin killer," is “the next one on our cryptocurrency hit parade.”

Why It Matters: AMC is set to accept Bitcoin, Ethereum, Litecoin, and Bitcoin before the end of 2021. 

The theater chain already accepts Dogecoin for digital gift cards, which can be used on its website, mobile application, and in theaters.

Aron asked his Twitter following if AMC should also accept SHIB at the end of October. An overwhelming majority, 81.4%, voted in favor.

At the earnings call, Aron said the company was exploring “if it is feasible for AMC to consider even launching our own cryptocurrency.”

He added that AMC was in “conversation” with “multiple” major Hollywood studios about joint ventures on non fungible tokens related to major film titles that are screened in the company’s theaters.

On Monday, AMC reported Q3 revenue of $755.6 million, beating estimates of $708.3 million. The company reported a loss per share of $0.44, beating Street estimates of $0.53 loss per share.

Price Action: On Monday, AMC shares fell 4.57% in the after-hours trading to $43 after ending the regular session almost 8.1% higher at $45.06. At press time, SHIB traded 2.26% higher at $0.0000564 over 24 hours.

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