AMC CEO says the movie theater chain could issue its own cryptocurrency

2019 American Cinematheque Award - Arrivals - Beverly Hills, California, U.S., November 8, 2019 - Adam Aron.
AMC CEO Adam Aron REUTERS/Mario Anzuoni
  • AMC CEO Adam Aron said that his movie theater chain could create its own token.
  • “There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency,” Aron told CNBC.
  • AMC is among a handful of companies that have embraced crypto as payment.
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AMC Entertainment’s enthusiasm for cryptocurrency is growing.

CEO Adam Aron on Wednesday told CNBC that the movie theater chain could potentially create and issue its own token.

“There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency,” Aron told CNBC Wednesday. “That’s just one of half a dozen ideas that we’re working on right now.”

While Aron did not clarify further, the executive has embraced digital assets, particularly during the height of the pandemic as his company was propelled to meme stock status.

The social media-savvy CEO is known to take to Twitter to directly interact with his supporters, and in some instances, ask for their feedback on business decisions.

Responding to a poll of Twitter followers, AMC announced it would accept dogecoin for gift card payments after crypto enthusiasts responded with a resounding “yes.” The movie theater chain also said it plans to accept bitcoin, ethereum, and litecoin.

AMC, which not long ago was flirting with bankruptcy, saw its stock price skyrocket this year as part of the meme stock buying spree, alongside video game retailer GameStop.

The stock Thursday was trading lower by 0.54%, at $US40.66 ($AU54) as of 12:13 p.m. ET. The share price is up 1,924.38% year-to-date.