AMC Entertainment (NYSE:AMC) said it will accept Bitcoin as payment for movie tickets and concessions that are purchased online at all of its U.S. theatres.
Chief Executive Adam Aron said during an earnings call that the movie theatre chain will have the technology in place to accept cryptocurrencies as payment by the end of this year.
The move marks a marriage of two highly speculative assets — Bitcoin, known for its wild volatility, and AMC Entertainment, which has become a meme stock favored by retail traders on Reddit’s infamous WallStreetBets forum.
The price of Bitcoin has swung drastically in recent weeks, last trading around $46,000 U.S. after falling below $30,000 U.S. in July. The recent rebound came amid optimism that a cryptocurrency compromise will be included as part of the bipartisan infrastructure package being negotiated in Washington, D.C.
Tesla (NASDAQ:TSLA) had announced plans to allow Bitcoin transactions, but halted car purchases with the digital token in mid-May due to concerns over how mining contributes to climate change.
Shares of AMC climbed more than 4% in extended trading following a better-than-expected earnings report and news of the acceptance of cryptocurrency payments.
AMC Entertainment posted a narrower-than-expected loss during the second quarter, along with revenue that topped analysts’ estimates.
The company’s 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 theatre chain has been a popular short target among hedge funds and other players.
