Sarah Smith is the Editor of Today’s Market with InvestorPlace.com.
CEO Adam Aron and the folks over at AMC Entertainment (NYSE:AMC) sure know how to excite retail investors. The movie theater chain just announced second-quarter revenue that beat expectations. However, there is more to the AMC stock story than that. As InvestorPlace Assistant News Writer Brenden Rearick highlighted, news of AMC accepting Bitcoin (CCC:BTC-USD) is generating buzz.
So what do you need to know?
Importantly, this was a key call for AMC Entertainment. The company posted estimate-beating revenue, as well as narrower-than-expected losses per share. Even more important, the company directly engaged with shareholders ahead of the event, soliciting retail investor questions.
This points to the fact that the first half of the year has been huge for AMC. The movie theater chain has been battling the impacts of Covid-19, fighting off debt, and becoming the star in a market-gripping story about short squeezes. Along the way, AMC and its CEO have embraced retail investors.
With this all in mind, Aron shared big news today of AMC accepting Bitcoin as a form of payment by the end of this year. He said the company would accept BTC at all U.S. locations. In addition to this, he also shared it would accept Google Pay and Apple Pay for online purchases.
Although he did not have many specifics, this clearly tickled retail investors. Another big announcement from the call is news AMC is working on some sort of partnership with GameStop (NYSE:GME), such as an in-theater gaming event.
What to Know About AMC Accepting Bitcoin
Right now, there is not a ton of detail around the latest AMC stock news. However, it comes at a key time for Bitcoin and other cryptocurrencies. Just as the earnings call was kicking off, the Senate shot down a compromise that would clarify a new tax proposal on crypto transactions.
But beyond that, it also comes at a time when companies like AMC are eager to cater to retail investors. Embracing Bitcoin… and a partnership with GameStop… are both great ways to do that.
So what is the bottom line? It is unclear yet what exactly will come of this news, but it may not be the end of the AMC-crypto story. Earlier this summer, Elon Musk signaled his support for AMC to start accepting Dogecoin (CCC:DOGE-USD).
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.