AMC CEO Adam Aron updated his investors by posting a tweet on Thursday, confirming that AMC Theatres have started accepting Dogecoin and Shiba Inu for payment. The CEO of the World’s largest theatre chain had earlier promised that AMC would start accepting the now popular cryptocurrencies Dogecoin and Shiba Inu in during his Q4 earnings call earlier this month.
AMC Theatres have already started accepting Bitcoin and Ethereum in late 2021. Adam thanked Bitpay for helping the company in making the new cryptocurrencies acceptable.
Earlier this week AMC reported a record box-office collection from the new Batman movie. The DC superhero movie had grossed over $128 million during its opening weekend. It has had the second-highest opening since the pandemic began. As part of the new revenue strategy from AMC’s CEO Adam Aron, Ticket price for Batman were hiked by $1 to make use of Batman’s popularity.
The Numbers
Despite reporting record numbers, AMC stock is down -7.17% since the beginning of the week and down -42.46% year-to-date.
Ortex data suggests that AMC’s current market Utilization is at 100% while the number of shares on loan has increased to 129.28 million. Days to cover has also increased to 2.62. The stock price is currently consolidating at around $14.5 to $16.5 with an estimated short interest of 106.71 million shares (20.72% of the free float).
AMC had a good 2021 and looks like 2022 has more potential with not only new upcoming box office movies but also AMC diversifying its revenue stream. The fact of the matter is, As of December 2021 AMC Entertainment had more liquidity than Citadel Securities LLC. Now let that sink in.
