Shares of Square Inc. SQ, +2.37% are up 1.5% in Monday's session and are on track to close at a new high after the company said it received the proper license to allow bitcoin BTCUSD, +1.57% trading on its Cash app in New York. The company was granted a virtual currency license by New York State on Monday. Previously, Cash app users in New York couldn't buy and sell bitcoin, according to a Square spokesperson. Bitcoin trading is now available on the Cash app in 48 states, leaving just Georgia and Hawaii as the only two that don't allow bitcoin trading on the app. Square shares are up 178% over the past 12 months, while the S&P 500 SPX, -0.08% has gained 14%.