AMC’s crypto update is largely derided on Twitter amid snarky remarks and calls for an accurate shareholder count.
AMC Entertainment’s (AMC) – Get AMC Entertainment Holdings, Inc. Class A Report top executive said Thursday that the movie theater company and meme stock favorite is “still well on track” for its plan to accept dogecoin and shiba inu for all payments on its website and mobile app.
CEO Adam Aron took to Twitter to say he has 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.”
“I am being told that we are still well on track for the promised Q1 implementation, with exact timing most likely in March,” he said.
Aron made his statement on a day when cryptocurrency prices were being hammered following hawkish commentary from the Federal Reserve and a drop in tech stocks.
Dogecoin was recently down 6.3% and shiba inu was falling 7%.
Meanwhile, AMC shares were up nearly 1% to $22.93
AMC began accepting bitcoin, ether and other cryptocurrencies for online payments in November.
The twitterverse was largely unimpressed with the announcement.
“can’t imagine anyone cares and so few would ever use it to go to a movie,” one poster said. “Hope you did some research on this and not just to appease the loudest.”
“No one, or very few, in the #AMC community are talkin about Dogecoin or Shiba right now Out of touch much? @CEOAdam,” another said.
Another poster noted that Aron “has also been repeatedly asked for us to get an accurate share count, but no response.”
“Why is this so difficult?” the poster. “Shareholders deserve to know their investment is protected by the guy who sold for $40 a share while we currently sit at $22.”
AMC, one of the first so-called “meme stocks”, was the target of one of the largest short squeezes in history.
The trend started last January on Reddit with the videogame retailer GameStop (GME) – Get GameStop Corp. Class A Report. Retail investors who are bullish on heavily-shorted stocks are called “apes.”
