AMC Entertainment Holdings is the U.S.’s largest chain of movie theatres. The CEO Adam Aron announced Monday that the company will accept bitcoin payments for tickets, concessions and other purchases by the end the year.
Aron stated that AMC is still in the initial stages of exploring ways AMC could participate in the new cryptocurrency universe. He also said that AMC was interested in potential lucrative business opportunities if it pursues more serious involvement in cryptocurrency.
AMC didn’t specify the technology that it would use for processing payments. There are 593 theaters across the United States and 335 internationally.
Aron stated that AMC will accept Apple Pay and Google Pay payments starting in 2021.
Monday morning, AMC stock traded at $33 per share. The stock gained 13.2% value after the announcement before plummeting to $35 per share at the time.
During the Reddit-driven retail trading frenzy earlier this year, so-called ‘ meme stocks ‘ like GameStop and AMC soared in value. AMC’s decision to accept bitcoin payments indicates that the struggling chain of movie theatres is beginning to see the value in cryptocurrency.