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AMC Entertainment to Accept Cryptocurrencies for Online Payments

AMC Entertainment will be accepting bitcoin, ethereum, bitcoin cash and litecoin payments for online purchases.
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Shares of AMC Entertainment  (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report were rising Friday afternoon after the movie theater company began accepting bitcoin, ether and other cryptocurrencies for online payments.

AMC announced that it would be accepting crypto payments for tickets and concessions earlier this year, and now that plan is in motion. 

"Big newsflash! As promised, many new ways NOW to pay online at AMC. We proudly now accept: drumroll, please ... Bitcoin, Ethereum, Bitcoin Cash, Litecoin," CEO Adam Aron tweeted. "Also Apple Pay, Google Pay, PayPal. Incredibly, they already account for 14% of our total online transactions! Dogecoin next."

AMC plans to debut Bitcoin payments for movie tickets by the end of the year. AMC has been moving closer towards cryptocurrency payments in recent weeks, debuting crypto payments for digital gift card purchases early in October. 

AMC shares were rising 1.25% to $39.95 in afternoon trading Friday. 

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Earlier this week, AMC reported third quarter results that topped analysts estimates. 

AMC reported total revenue of $763.2 million for the third quarter, beating an estimate from analysts surveyed by Refinitiv of $708.3 million. The company reported a loss of $224.2 million, or 44 cents a share, which beat an estimate of a loss of 53 cents.

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The nation's largest movie theater company reported a net loss of $905.8 million, or $8.41 a share for the same period in 2020, which reflected a devastating loss of business during the Covid-19 pandemic.

“Our financial results continue to improve," AMC CEO Adam Aron said in a Monday statement. "More and more major films are on the docket for release in the remainder of 2021, and throughout 2022. One can see and feel that our industry and our company are on a path of recovery and improvement. Therefore, our spirits are upbeat.