AMC on track to accept Dogecoin, Shiba Inu crypto payments in 2022

AMC Entertainment CEO Adam Aron says that the movie theater chain remains on track to accept Dogecoin and Shiba Inu as alternative forms of payment for online concessions and ticket purchases during the first quarter of 2022. 

“I have been repeatedly asked when AMC expects to routinely accept Dogecoin and Shiba Inu for any and all payments made via the AMC web site and mobile app,” Aron tweeted Thursday. “I am being told that we are still well on track for the promised Q1 implementation, with exact timing most likely in March.”

Aron first teased the possibility of accepting Dogecoin in September and began accepting the meme token for gift card purchases of up to $200 per day in October through BitPay. On Nov. 15, Aron tweeted that AMC planned to accept Shiba Inu in 60 to 120 days. 

BITCOIN TAKES BEATING TO $42K LEVEL

The update on Dogecoin and Shiba Inu comes as AMC has already began accepting Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Apple Pay, Google Pay and PayPal as alternative forms of payment. 

Aron has also teased that AMC is exploring the feasibility of creating its own cryptocurrency. 

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Bitcoin, the world’s largest cryptocurrency, is trading at the $43,000 per coin mark, while Ethereum, Litecoin, Bitcoin Cash and Dogecoin and Shiba Inu are trading around $3,400, $137, $400, 16 cents and 3 cents per coin, respectively. 

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The acceptance of cryptocurrencies is just one area AMC is focusing on after seeing liquidity improvements from share sales, the reopening of its theaters during the COVID-19 pandemic and a boost from last year’s retail investor-led meme stock frenzy. 

Other actions being taken by AMC include alternative programming, such as live sporting events, the acquisition of new theater leases, a nationwide, $25 million ad campaign and a planned expansion into the retail popcorn business.

Aron said earlier this week that AMC’s goal for 2022 is to strengthen its balance sheet and that the company will potentially refinance some of its debt to reduce its interest expense, delay some debt maturities and loosen covenants. 

However, the momentum in its stock has seen a slowdown, with shares falling approximately 54% in the past six months.