AMC to accept Litecoin, Ethereum, along with Bitcoin, for online movie ticket, concession purchases
AMC Theaters shares are up more than 2,200% year to date
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AMC CEO Adam Aron says the movie theater chain is planning to accept cryptocurrencies Ethereum, Litecoin and Bitcoin Cash for online ticket and concession purchases.
The announcement comes after Aron revealed on AMC's second quarter earnings call that the company would accept the world's largest cryptocurrency, Bitcoin, as an alternative form of payment for online purchases by the end of the year.
"Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021," Aron tweeted Wednesday evening. "I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash."
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Notably excluded from AMC's list of accepted cryptocurrencies is Dogecoin, which has drawn criticism from many Twitter users, including the popular meme token's founder, Shibetoshi Nakamoto.
As of the time of publication, Bitcoin has risen slightly, trading at around 47,000 per coin, according to real-time price tracking by Coindesk. Meanwhile, Ethereum has jumped 6%, trading around $3,600 per coin, while Litecoin is up about 5%, trading at at $191.65 per coin, and Bitcoin Cash is up slightly, trading at $642.13 per coin.
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AMC's decision to accept cryptocurrencies as an alternative form of payment is part of a multistep plan to play offense after the company has narrowed its losses and boosted its total liquidity to a record high of more than $2 billion.
Other measures AMC is taking include up to 10 new leases with existing theater locations, alternative programming, and a new formal agreement with Warner Brothers for an exclusive 45-day theatrical window of their 2022 film slate prior to at-home releases.
In addition to cryptocurrencies, AMC customers will also be able to use Apple Pay and Google Pay for online purchases.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT | 4.85 | +0.30 | +6.59% |
AMC shares are up more than 2,200% year to date.