Shopify Inc (NYSE:SHOP) shares are trading higher Thursday amid a drop in Treasury yields.
The 10-Year Treasury yield was hovering around 2.855% at press time. Lower rates increase the present value of future cash flows, which can positively impact the valuations of growth stocks.
Crypto.com on Tuesday announced Shopify merchants can now enable Crypto.com Pay on their online storefronts, allowing them to expand their reach by giving customers more ways to make their purchases with crypto.
"Our growing blockchain ecosystem demonstrates our commitment to supporting merchants with alternative payment methods on their storefronts, helping to further expand what’s possible in commerce," said John Lee, lead of blockchain ecosystem at Shopify.
Shopify has been one of the most beaten-down stocks since the start of the year. Thursday's bounce comes after the stock had declined about 75% year-to-date.
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SHOP Price Action: Shopify shares have traded between $308.06 and $1,762.91 over a 52-week period.
According to data from Benzinga Pro, the stock was up 12.4% at $405.30 at press time.
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