RATE Group | Square Adds $8 Billion in Value With Help From M&A, Bitcoin
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Square Adds $8 Billion in Value With Help From M&A, Bitcoin

01 Jun Square Adds $8 Billion in Value With Help From M&A, Bitcoin

Posted at 03:24h in Bitcoin News by

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Shares of Square Inc., which more than doubled in value last year, are still on a roll and show no sign of slowing down.

The payments firm’s stock has surged almost 50 percent, adding about $8 billion in market value, since it rolled out Bitcoin trading in November for customers of its Cash App, which lets users transfer money to friends and family. Chief Executive Officer Jack Dorsey has repeatedly shared his enthusiasm for digital currencies, saying earlier this month that “the internet deserves a native currency.”

But San Francisco-based Square has gained on more than optimism for cryptocurrencies. The shares have rallied 25 percent since the company said in April it was buying website-builder Weebly for $365 million, the firm’s biggest-ever acquisition. The deal is a key step in Square’s strategy to build its online and e-commerce offerings for small and medium-size businesses. It also gives Square another recurring revenue stream and base of new customers.

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