Shares of Square Inc Surged by 50 Percent Amid Crypto Fever

Square Shares Adds $8 Billion in Value

0 961
  • Square Inc shares price soars almost 50 percent despite crypto fever.
  • Perkin predicted that the gross payment volume for Square Inc. could be $409 bln by 2026.

Square Inc: The shares of Square Inc, which soared more than double in value last year, is still on the rise with no sign of dropping. Square Inc. is a Payments and financial services company which rolled out Bitcoin trading on its Cash App, which enables users to send fund to friends and family, last November.

Square’s stock soared about 50%, adding almost $8 bln in market value, since the rollout. Jack Dorsey, Square’s CEO has repeatedly revealed his interest for cryptocurrencies. He stated earlier in May that “the internet deserves a native currency.”

However, Square’s office based in San Francisco has gained on more than optimism for digital currencies. The company’s shares rose 25% since it declared last April that it was acquiring Weebly for $365 mln, which happens to be Square’s largest acquisition ever. The acquisition is a major step in Square’s plan to build its online and e-commerce offerings for small and medium-sized businesses. The acquisition also gave Square Inc. a new customer base and revenue stream.

Jack’s cryptocurrency fever and desire for deals have contributed significantly to Square’s rise. However, a recurring stream of positive earnings also contributed to bullish sentiment. On 22nd May, Daniel Perlin, an RBC Capital Markets analyst, predicted that the gross payment volume for Square Inc. could be $409 bln by 2026, or 4.1% of total US payment volume. Perlin said:

“Square’s integrated hardware, software and services solutions position the company to benefit from ongoing card acceptance penetration at smaller merchants while gaining share against existing solutions that lag from a technological or efficiency-basis.”

You might also like