Shares of Square Inc. (SQ) are surging and show no signs of slowing down amid the cryptocurrency craze and optimism over the company’s latest acquisition. Having announced last November that users were able to buy and sell bitcoin using its mobile app and more recently announcing plans to acquire e-commerce platform Weebly, shares of the mobile payment solution provider have reached new highs, according to Bloomberg.

Reaching New Highs

Square, co-founded by Twitter Inc. (TWTR) co-founder and current CEO Jack Dorsey, allows users to transfer cash among themselves via its Cash App and helps small businesses to process credit card transactions, track sales and inventory data and even obtain financing. As of late last year, the company now allows users to buy and sell bitcoin, and with the announcement in late April that it will acquire Weebly, Square will be even more well equipped to serve creative entrepreneurs and small business owners. (See also: What is Square Inc.?).

Over the past year, shares of the payment solutions provider have climbed nearly 160%, bringing its total market cap to $21.7 billion. Since the start of 2018, shares are up as much as 73% as of 11 a.m, EST Monday. If RBC Capital Markets analyst Daniel Perlin’s prediction that Square’s gross payment volume could comprise 4.1% of total U.S. payments volume in 2026, then there is still plenty of upside left.

SQ Chart

Driving Forces

Dorsey was quoted in Bloomberg as saying earlier last month that “the internet deserves a native currency,” indicating his support for cryptocurrencies and hinting that Square will continue to improve its compatibility with the virtual currencies, which have exploded over the past year. If the crypto market continues to expand, Square’s early entrance will help propel its value over the long term. (See also: Square to Soar on Crypto Potential, Say Bulls).

By acquiring Weebly, a company that allows entrepreneurs to create websites on which to launch their business ideas, Square immediately benefits from gaining additional revenue. But that’s not all. The company is also demonstrating that it aims to help small businesses with more than just payment solutions. Square could become the one-stop shop for setting up an online store, providing both the platform for building a website and the infrastructure for accepting payments and keeping track of sales, expenses and inventories.