Thursday, June 20, 2024

AMC Theater’s New Cryptocurrency Proposes its Own Cryptocurrency

Enjoying the reputation of being the world’s largest theater chain, AMC Entertainment Holdings Inc. is mulling over the idea of creating its own cryptocurrency, the name of which isn’t revealed yet. The idea to launch seems like a nod to meme investors who have seen their stocks soar above 2,000 percent this year.

The company is already in talks with some Hollywood Studios about releasing nonfungible tokens (NFT) to commemorate major films. Adam Aron, the Chief Executive Officer of the company, seized the opportunity to connect and engage with numerous shareholders through social media and presented his business ideas. The shares of the company have been seeing a steady rise in recent times thanks to the support of day-trading small investors—all pushing the company to sudden fame.

The theater chain has previously expressed its interest in accepting Ethereum and Bitcoin by the end of the year. Currently, it’s processing Dogecoin and exploring Shibu Inu for most of its transactions. However, recently, the shares of the company plummeted by 6.7 percent to $42.06. The domestic market share slumped in the third quarter after rising in the first quarter, as per Wedbush Securities analyst, Alicia Reese. The coronavirus pandemic has been a major reason behind AMC’s reported losses.

The theater chain reported a loss of 44 cents per share, which was less than 53-cent loss that analysts expected. The total sale of the company in the third quarter was $753.2 million, which has far exceeded the estimate of $708.3 million. Although the theater is reopened now, surely it will take a while for it to get the same level of attendance as pre-COVID times.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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