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Why Square Inc (SQ) Stock Is Soaring Today

Karl Utermohlen

Square Inc (NYSE:SQ) shares were soaring today after an overseas news outlet reported that the company may soon dip its toes in cryptocurrency trading.

Square Inc (SQ)

The company has not released any definitive information on the manner, but a small-time news site based out of Latvia said that the payment services provider is “possibly testing an integration with Bitcoin,” according to a report from three traders who asked to not be identified.

A contributor named Oladapo Olagoke wrote the news about Square on a website called Cryptona that focuses on cryptocurrency news. No new information regarding the matter has been released yet and Olagoke wasn’t able to be reached for comment.

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Back in Jan. 31, Square CEO Jack Dorsey wrote in a tweet that the company will eventually introduce Bitcoin trading for almost all the users of its Cash app. Dorsey followed up the tweet with a message on Feb. 27 that said “Bitcoin, for us, is not stopping at buying and selling.”

Last week, the company impressed in its quarterly earnings results. On Friday, Square said that its general counsel Hillary Smith would be resigning from the company.

SQ shares gained roughly 9.5% Monday. This marks the stock’s largest single-day uptick ever if it holds by the end of the day, as the last time the stock hit its highest one-day gain was on May 4, 2017, when it rose 8.9%.

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