A man walks past the AMC Georgetown 14 Theatres in Washington, DC on June 3, 2021.
Mandel Ngan | AFP | Getty Images
AMC Entertainment said Monday it will start accepting bitcoin as payment for movie tickets and concessions if purchased online at all of its U.S. theaters.
CEO Adam Aron said during an earnings call Monday that the movie theater chain will have the IT systems in place to take the cryptocurrency as payment by the end of 2021.
The move marks a marriage of two highly speculative assets — bitcoin, known for its wild volatility, and AMC, which became a meme stock star favored by retail traders on Reddit’s infamous WallStreetBets forum.
The price of bitcoin swung drastically in recent weeks, last trading around $46,000 after falling below $30,000 last month. The recent rebound came amid optimism that a cryptocurrency compromise will be included as part of the bipartisan infrastructure package. The Senate ultimately failed to advance the deal.
Tesla had announced plans to allow bitcoin transactions, but it halted car purchases with the digital token in mid-May due to concerns over how mining contributes to climate change. CEO Elon Musk has since commented positively on bitcoin, saying he plans to hold the coin long term.
Shares of AMC climbed more than 4% in extended trading on Monday following a better-than-feared earnings report. The company posted a narrower-than-expected loss during the second quarter, along with revenue that topped analysts’ estimates.
The stock has rallied nearly 1,500% this year as a band of retail traders who coordinated trades on social media platforms managed to create a massive short squeeze in the shares. The struggling movie theater was a popular short target among hedge funds and other players.
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