AMC Entertainment Holdings Inc (NYSE: AMC) still has a long way to get back to 2019 levels, but CEO Adam Aron says you shouldn’t look at what AMC was before the pandemic.
Naysayers would point out, back in 2019, your market cap was X, how are you ever going to get there, and they predict our stock will fall. But as Jim Cramer says, you don’t drive a car by looking at the rear-view mirror, you drive a car by looking forward through the windshield.
AMC wants to penetrate the crypto market
According to CEO Aron, billions of dollars worth of cash and liquidity that retail investors have poured into AMC offers a rare opportunity to transform the company into so much more than it was in 2019. In his interview with CNBC’s Brian Sullivan, he said:
We’ve made a lot of noise about getting hyperactive in cryptocurrency. There are many reasons why AMC could be a successful issuer and redeemer of cryptocurrency. And that’s just one out of half a dozen ideas that we’re working on right now.
The cinema chain continues to strengthen its core business
Simultaneously, however, AMC is strengthening its core theatre business as well. It has recently started screening a few sporting events, including NFL games, WWE Pay-Per-Views and UFC events. The Kansas-based company is in talks to “broaden its rights” on all of these fronts, the chief executive added.
Once a company fighting for its very survival with the stock trading at $2.0 a share, AMC today has a market cap of $21 billion after a 1,900% increase year-to-date.
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