Shares of Square fell Monday after noted short-seller Andrew Left’s Citron Research said excitement over the payments processor’s bitcoin trading product was overdone. The stock briefly lost 3.8 percent to $45.76 a share before recovering some of its losses.
Square is a “collection of yawn businesses,” Citron said in a tweet Monday afternoon. “WallSt.
drunk on Bitcoin nonsense. SQ-Cash to BTC trading has been insignificant.
Even w/ hyper growth still 40% too rich.” Shares are little changed since Square, run by Twitter co-founder Jack Dorsey, launched bitcoin trading in late January for most users of its Cash mobile payments app.
Bitcoin surged in popularity over the last year, hitting a record high above $19,000 in December. It traded near $9,300 Monday, still up 570 percent over the last 12 months. Read more from cnbc.com…
thumbnail courtesy of cnbc.com