As reported by Yahoo Finance, the $26 billion market cap payment company, founded in 2009 by Jack Dorsey and Jim McKelvey, reportedly saw its stock increase by 72% by December. 14; its shares increased by 170% by the end of September before the wider market collapse.
As reported earlier, Square first announced in November 2017 that a BTC trading option would be available to 3 million of its Square Cash App customers. The announcement brought $1 billion to its stock in just five days. When the company supported BTC trading for customers in a wider range of countries in the United States Square’s stock increased again this February.
In a separate report, Cash App Leader Brian Grassadonia told Yahoo Finance that the stock increase was not the reason the company introduced BTC support, but emphasized the choice stemming from the company’s commitment to “democratize access to financial tools that have historically been truly complicated, intimidating and stressful.”
That same month, the market cap of the company surpassed Twitter, the popular social media platform shared by Jack Dorsey as its CEO. In October, Square opened the code for its Bitcoin Cold Storage setup, a few months after Bitcoin’s Cash App support was finally extended to all 50 US states.