A person rides his bicycle past the closed AMC movie theaters in Times Square on October 22, 2020.
AMC theater.

  • AMC is now accepting dogecoin as a payment option for gift card purchases using a BitPay Wallet.
  • The move came after its CEO in September launched a Twitter poll asking whether AMC should accept the meme token.
  • CEO Adam Aron added that his company will continue to work on online crypto payment transactions.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Adam Aron, the CEO of AMC Theater, cemented his commitment to dogecoin fans.

The social media-savvy CEO on Tuesday announced that his movie-theater chain is accepting the meme token as a payment option for gift card purchases of up to $200 a day using a BitPay Wallet, he said in a tweet.

Aron added that his company will continue to work on online crypto payment transactions, in step with his September announcement that AMC will be accepting bitcoin, ether, bitcoin cash, and litecoin by the end of the year.

In September, Aron launched a Twitter poll asking for input on whether AMC should consider accepting dogecoin. By the time the survey closed, it attracted 140,000 votes within 24 hours, with 68.1% voting for the cinema chain to accept the token at all locations.

On Wednesday, AMC stock was trading 3.35% lower at $35.81. Shares are still about 16 times what they were worth at the beginning of the year. Last week, the company announced it repurchased $41.3 million of debt securities to lower its interest expense, sending the stock to a two-day rally.

AMC, once a struggling company that has flirted with bankruptcy in the past, skyrocketed to fame earlier this year amid the meme stock frenzy. Alongside GameStop, the two firms saw their share price rise amid overwhelming demand from retail investors despite their questionable valuations.

Aron thus far has made good of his company’s newfound fame by playing into AMC’s status as a meme stock. He has, for instance, reached out to retail investors through tweets and YouTube videos, and has even offered ordinary investors movie perks such as free popcorn.

Source