Noam Galai/Getty ImagesAMC will accept bitcoin to pay for movie tickets in its US theatres by 2021.CEO Adam Aron stated that the cinema-operator is looking at other options to participate in crypto.AMC posted a 19% increase in revenue to $444.7 Million, beating analyst estimates.Subscribe to our daily newsletter 10 Things Before The Opening Bell.AMC Entertainment, the largest movie-theater operator in the world, will accept bitcoin payments for movie tickets and concessions at its US locations by January 31, CEO Adam Aron announced Monday during an earnings call.Aron stated that he has learned more about blockchain and cryptocurrency in the past six month than he did in the previous decade. This gave him the confidence to announce AMC’s entry into the sector.According to the transcript, he stated that by year-end, the US will have the technology systems in place for bitcoin payment to movie tickets and concessions purchased online at all US theaters.AMC discussed how it could participate in the cryptocurrency economy. The company is open to exploring new possibilities.Aron said, "We are very interested in potentially lucrative business opportunities for AMC" if we intelligently pursue more serious involvement with cryptocurrency.AMC will share additional information about its crypto-related plans once details are clear. Other companies like fast-food restaurants like Burger King, and tech players such as Xbox are accepting cryptocurrencies for payment.After AMC's second quarter earnings were released, the CEO spoke after movie-goers returned after the lifting of COVID-19 restrictions.The meme-stock favourite saw 19% growth to $444.7million in the quarter ended June 30, compared with the prior year. This surpasses the $382.1 million estimate by analysts polled at Refinitiv.AMC reported that it sold 22 million tickets in the second quarter, an increase of 7 million in the previous quarter. However, the company's performance remains behind 2019 when it sold 97 millions tickets in the second quarter.Since it was a favourite on Reddit's WallStreetBets, its shares have increased more than 1,500% annually. The company also has benefited from the meme-stock frenzy through the sale of more shares."We're still losing money. We still burn cash. Although we are burning less cash, we still use cash and not generate cash. Aron stated that we are not yet out of the woods.AMC stock rose 10% to $37.33 per Share in pre-market trades on Tuesday, as of 4:15 AM. ET.Continue reading: Fintel identifies these 5 stocks as having the greatest short-term potential for retail investors.
