Major cinema chain AMC announces ticket sales for bitcoin

August 10, 2021

Major cinema chain AMC announces ticket sales for bitcoin

US cinema chain AMC Theatres will introduce the first cryptocurrency as a ticket payment method by the end of 2021. This is reported by The Wrap, citing the company's CEO Adam Aron.

The initiative is designed to boost sales amid the coronavirus pandemic. In January 2021, the chain, which owns 593 cinemas in the US and 335 overseas, raised $917 million to avoid bankruptcy.

AMC noted a loss of $344 million from March to June 2021. The figure beat Wall Street analysts' expectations of $440m.

In January, the cinema chain was backed by retail investors in subreddit r/WallStreetBets. Since the beginning of the year, shares in the company have soared 1600%, from $2 to $34.

Recall that Major Cineplex Group, Thailand's largest cinema chain, began accepting bitcoin for tickets in March 2021.

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