Block Shares Hit 8-Month High After Jack Dorsey's Firm Announces Bitcoin Payments For Square PoS System

Fintech company Block Inc. XYZ said it will integrate Bitcoin BTC/USD into its Square point-of-sale system, enabling merchants to accept and stack the cryptocurrency from their daily sales.

XYZ shares are consolidating after recent moves. Watch the momentum here.

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Square Embraces Bitcoin

Sellers using the Square Bitcoin solution can accept BTC payments with no processing fees until 2027, according to a press statement. Moreover, a Conversion feature will let them convert a portion of card sales into the apex cryptocurrency.

The company also teased a native wallet that will allow merchants to manage their BTC holdings, complete with buy, sell, hold, and withdrawal features.

The Conversions feature is available to U.S.-based merchants except in New York State, while Bitcoin Payments will be enabled by Nov. 10.

Block co-founder and CEO Jack Dorsey was thrilled with the new feature, commenting, “Boom” in an X post.

Block Doubles Down On Bitcoin

The latest tools on Square are part of Block’s expanding Bitcoin-centric ecosystem, which includes Cash App’s BTC buy, sell, and transfer capabilities, self-custody BTC wallet Bitkey and Proto, a suite of BTC mining products and services.

These efforts are consistent with Dorsey’s consistent advocacy of Bitcoin as a daily transactional currency rather than a store of value.

The company holds 8,692 BTC on its balance sheet, worth over $1 billion, according to bitcointreasuries.net.

Price Action: At the time of writing, BTC was exchanging hands at $121,528.29, up 0.78% in the last 24 hours, according to data from Benzinga Pro.

Block shares were up 0.14% in pre-market trading after closing 2.64% higher at $81.11 during Wednesday’s regular trading session. The stock closed at a nearly 8-month high.

Benzinga’s proprietary Edge Rankings show Growth as the strongest category for the stock at 96.38/100. To see how it ranks for Value, Growth and Momentum, click here.