Square stock up 5%, boosted by Bitcoin trading

Bitcoin support in the Square Cash app has helped boost stocks for Jack Dorsey’s payments platform as speculation around the year’s first quarter begins.

Square’s stock rose by almost 5 per cent at the end of Wednesday’s trading, leading to some very happy investors. The stock has advanced by more than 40 per cent year-to-date, and is currently trading over $51 per share.

Nomura Instinet analyst Dan Dolev said: “This can help offset rising investment costs required to broaden Square’s international presence,” referring to the company’s expansion over the last year and a possible 10 per cent adjustment to its EBITDA guidance.

Square said: “[Customers] can now buy and sell Bitcoin in Cash App. We observed that this was a feature our customers wanted, and we support Bitcoin because we see it as a step in the long-term path toward greater financial access for all.”

This quarter’s earnings report is set for May 2.