Block has launched a proof-of-reserves system allowing users to verify its Bitcoin holdings and balances tied to Cash App and Square directly on-chain.
The company said the feature enables independent confirmation of its 8,883 Bitcoin holdings, valued at about $681 million, using cryptographic signatures rather than relying on trust.
“People shouldn't have to trust that their bitcoin is there, they should be able to verify it,”
Said Jack Dorsey.
The move extends proof-of-reserves beyond exchanges to corporate treasuries, with Block joining platforms such as Binance and Kraken in offering on-chain verification.
Proof-of-reserves gained traction after the collapse of FTX in 2022, as firms sought to demonstrate that customer assets are fully backed and secure.
Block also launched a Bitkey hardware wallet with a touchscreen and introduced new features including Bitcoin cashback rewards and higher withdrawal limits, and following the announcement its share price was unchanged at $0.00.
The initiative contrasts with criticism from Michael Saylor, who has argued that proof-of-reserves may introduce security risks by exposing sensitive operational data.
At the time of reporting, Bitcoin price was $76,638.09.