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Is Facebook becoming a 'mini Google'?

Facebook is ramping up its acquisition and expansion strategy, leaving some traders wondering if the social media company is walking in Google's footsteps.

After two major announcements this week, including a $2 billion acquisition of virtual reality company Oculus and word that the company plans to explore technology that uses drones to beam internet to underserved parts of the world, Facebook is moving beyond its social media roots.

Earlier this year, Facebook also bought messaging service WhatsApp for $19 billion, including $4 billion in cash.

Read More Is Facebook's acquisition of WhatsApp a desperate move?

Brian Kelly of Brian Kelly Capital said on CNBC's "Fast Money" on Friday that he's long Facebook, and that he looks at the company "as a mini Google at this point." Kelly added that Facebook is "no longer just the social network stock. There's more to this company."

The latest moves are indeed reminiscent of Google's acquisitions of YouTube in October 2006 and Motorola Mobility in May of the same year, as well as its forays into technological spheres like self-driving cars and wearables.

Read MoreDan Niles: 'My favorite stock, bar none'

With more than $11 billion in cash on hand at the end of 2013, Facebook could just be getting started with its tactical expansion.


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