AMC chief Adam Aron has made it clear that he's not focusing on institutional investors. Instead, he wants to appease his key majority shareholders: the self-professed army of ‘Ape’ retail investors who have sent AMC stock soaring.
What’s cooler than accepting one cryptocurrency at your movie theater chain turned meme stock phenomenon?AMC Entertainment AMC, -1.71% chief Adam Aron tweeted late Wednesday that his company has decided to already expand its acceptance of cryptos as payment at its theaters after announcing just last month that it plans to accept Bitcoin BTCUSD, +0.
Many Wall Street insiders remain on the fence regarding Bitcoin and its fellow cryptos, the most recent notable being hedge fund billionaire Ray Dalio who cautioned in an interview with CNBC on Wednesday that Bitcoin’s success might be its greatest threat. By already quadrupling down on his crypto bet to put Litecoin LTCUSD, +1.14%, Ethereum ETHUSD, +1.48%, and Bitcoin Cash BCHUSD, +0.87% in AMC’s mix, Aron has once again put himself on the bleeding edge of ‘Ape’ leadership. Retail investors have clamored on social media for months that AMC and fellow meme stock GameStop GME, +0.90% should accept cryptos and even get into the market for non-fungible tokens, or NFTs.
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