AMC May Issue Its Own Cryptocurrency, Per CEO

Fascinating news from AMC:

AMC Entertainment Holdings Inc., already bolstered in the past year by technology, may go even further by issuing its own cryptocurrency.

The Leawood-based company’s CEO, Adam Aron, said on CNBC that the company is getting “hyperactive” when it comes to cryptocurrency, though he added that the idea is one of several the giant theater chain is working on.

I think this is an excellent idea. AMC’s business is on an upward trend, but it still suffers from heavy debt.

Its debt, at nearly $6 billion, far exceeds its cash balance of $1.8 billion, per the most recent quarterly report.

AMC could use a lot more capital to pay off that debt and free itself to pursue a bright future. But shareholders recently voted against the issuance of new shares that could’ve brought in over $1 billion.

They don’t want their ownership position diluted, of course.

But issuing a cryptocurrency dilutes no one. It’s essentially free money.

Given the intense interest in AMC by the meme crowd, I would expect these coins to do rather well. AMC could use that money to pay off some debt and be in a stronger position for the future.

Kudos to CEO Adam Aron for this innovative idea! I hope he pursues it.

More on markets:

Robinhood Exec Dumped AMC Right Before He Limited Trades, Lawsuit Alleges

AMC Has Burned Short Sellers for $4 Billion in 2021, Per Latest Data

Will Evergrande Spark a Global Financial Crisis?

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