AMC Leisure Holdings, which runs the most important film theatre chain within the U.S., will start accepting bitcoin funds for tickets and concessions by the top of the 12 months, the corporate’s CEO Adam Aron mentioned in a Q2 earnings name Monday.
“We’re additionally within the preliminary stage of now exploring how else AMC can take part on this new burgeoning cryptocurrency universe and we’re fairly intrigued by doubtlessly profitable enterprise alternatives for AMC if we intelligently pursue additional critical involvement with cryptocurrency,” Aron mentioned.
AMC didn’t specify what expertise it might use to course of the funds. The corporate has 593 theaters within the U.S. and 335 worldwide areas.
Aron mentioned that AMC can even start accepting Apple Pay and Google Pay funds by the top of 2021.
AMC inventory was buying and selling at roughly $33 Monday morning. After the announcement, the inventory jumped 13.2% in worth earlier than falling to roughly $35 per share on the time of publication.
Throughout the Reddit-driven retail buying and selling frenzy earlier this 12 months, so-called “meme shares” like GameStop and AMC soared in worth. AMC’s pivot to bitcoin funds suggests the struggling film theatre chain is seeing the worth in cryptocurrencies.