American movie-goers can soon use bitcoin to pay for tickets and allowances, AMC announced. For online purchases at U.S. theaters, Apple Pay and Google Pay will also shortly be accepted.
During the company’s earnings, call CEO Adam Aron said to investors that,
“I’ve had to learn more in the past six months about blockchain and cryptocurrency than I learned about it in the entire decade before that.”
Adam hopes the company can become more involved “in this new burgeoning cryptocurrency universe” and leadership is “quite intrigued” by the business opportunities it involves.
AMC shares went up 5.3% in after-hours trading and bitcoin went up 5.5%.
The shares of AMC went up by 5.3% in after-hours trading and bitcoin went up 5.5%.
The movie theater firm has had a distinctive year as it discovers the best ways to re-open following covid-19 lockdowns. The stock jumped to $12.77, In May. Afterward, AMC Entertainment Holdings publicized it raised up over $400 million through a 43 million share at-the-market equity offering.
To discuss the event Individual investors on Reddit and social media used the #AMCSqueeze hashtag.
AMC garnered important hype on Reddits r/WallStreetBets forum, whose members bought up AMC stock at the same time they were creating headlines for their big bets on businesses like GameStop.
“Just go on Twitter, just go on Reddit, just go on YouTube, read what these people write,” at the time Aron said.“They love AMC. And these are not people who are just going to be investors in AMC. These are going to be customers of AMC who come to our theaters and enjoy watching movies at our theaters as paying guests.”
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