(Bloomberg) -- Shares of Square Inc. rallied Monday on what appeared to be old news making the rounds on the internet and on trading floors.
The stock's surge may have been prompted by an article from a little-known news site based in Latvia that said Square is “possibly testing an integration with Bitcoin,” according to three traders who declined to be identified. The story, written by contributor Oladapo Olagoke on a website called Cryptona, didn't seem to contain any new information. Olagoke didn't respond to a message seeking comment.
Square Chief Executive Officer Jack Dorsey said in a Jan. 31 tweet that the company is introducing Bitcoin trading for almost all users of its Cash App. Dorsey said in a Feb. 27 earnings call that “Bitcoin, for us, is not stopping at buying and selling.”
The stock climbed 9.6 percent and touched a record high of $50.50 in New York Monday, making Square the second-best performer in the Russell 1000 Financial Services Index. Bitcoin rose 4.6 percent to $11,532 at 4:17 p.m.
A spokeswoman for Square declined to comment.
Rare Square Bear BTIG Sees Bad News in Stock's Ties to Bitcoin
To contact the reporters on this story: Lily Katz in New York at lkatz31@bloomberg.net, Arie Shapira in New York at ashapira3@bloomberg.net.
To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net, Dave Liedtka
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