AMC Shares Soar 340% After Sudden Revelation of Hidden Crypto Treasury on Balance Sheet
PHILADELPHIA, PA — In a development that has stunned Wall Street and retail investors alike, AMC Entertainment Holdings, Inc. (NYSE: AMC) experienced a historic surge in its stock price Tuesday, gaining over 340% in a single trading session, following the revelation that the company had been holding a substantial, previously undisclosed cryptocurrency portfolio on its balance sheet.
According to a late Monday filing with the U.S. Securities and Exchange Commission, AMC admitted to an accounting error that had concealed a digital asset treasury valued at approximately $4.7 billion as of the close of business Monday. The disclosure, initially flagged by an investigative financial blogger, forced the company to issue a corrective statement. The memo outlined that the assets, primarily composed of Bitcoin and Ethereum, were acquired through a series of automated, algorithm-driven purchases over the past eighteen months, unbeknownst to the company's board of directors.
The SEC has launched a formal inquiry into the matter. In a prepared statement, AMC Chief Executive Officer Adam Aron said the board was taking immediate action to "fully audit and secure this asset base." The stock, which had traded below four dollars per share for much of the quarter, reached an intraday high of $17.89 before closing at $16.40. Trading was halted multiple times on the New York Stock Exchange due to extreme volatility.
Market analysts remain deeply divided on the implications. "This is a watershed moment for corporate treasury management, but it also raises profound questions about internal controls at one of the largest theater chains in the world," said one senior analyst from a major investment bank, who spoke on condition of anonymity because the situation is evolving.
The surge has reignited the meme stock phenomenon, with millions of retail investors piling into options contracts. The social media hashtag #AMCGoldRush quickly trended globally on X,