What did Block announce about Bitcoin proof-of-reserves?

Block launched a proof-of-reserves system that allows users to verify its Bitcoin holdings on-chain. The feature also covers balances tied to Cash App and Square products.

How much Bitcoin does Block hold?

Block holds 8,883 Bitcoin, valued at about $681 million. These holdings can now be independently verified using cryptographic signatures.

What is proof-of-reserves in crypto?

Proof-of-reserves is a method that lets users verify a company’s crypto holdings on-chain. It reduces reliance on trust by allowing public confirmation that assets exist and are controlled by the company.

Why is Block introducing proof-of-reserves now?

The move follows growing demand for transparency after the collapse of FTX in 2022. Companies are increasingly proving their holdings to reassure users and investors.

How can users verify Block’s Bitcoin holdings?

Users can check on-chain signatures provided by Block to confirm ownership of its Bitcoin reserves. This ensures the assets are actively controlled, not just historically recorded.

How does Block compare to other companies using proof-of-reserves?

Block joins crypto platforms like Binance and Kraken in offering proof-of-reserves. However, it is one of the first major corporate treasuries to adopt the approach.

What new products did Block launch alongside this feature?

Block introduced a Bitkey hardware wallet with a touchscreen, Bitcoin cashback rewards for Square users, and increased withdrawal limits for Cash App customers.

What is Jack Dorsey’s view on Bitcoin transparency?

Jack Dorsey said users should not have to trust companies blindly and should be able to verify Bitcoin holdings themselves. This aligns with Bitcoin’s core philosophy of transparency.

Block launches Bitcoin proof-of-reserves transparency push

Written by Liezl GambePublished Apr. 28 2026Last Updated Apr. 28 2026

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.