Block, the online payments company led by Jack Dorsey, has rolled out a proof-of-reserves system for its Bitcoin holdings as well as for its products Cash App and Square. This move enables the transparent and onchain digital signature verification of the company’s 8,883 BTC—an initiative that stands out as a significant step toward accountability and transparency within the crypto industry.
Transparency surge after major exchange failures
Following the collapse of the FTX exchange in 2022, many crypto firms have begun implementing onchain proof-of-reserves mechanisms to publicly confirm their asset holdings. By joining this transparency movement, Block now allows anyone to independently verify both its treasury and the Bitcoin held on behalf of users in Cash App and Square. Block’s management emphasizes, “People shouldn’t have to simply trust that their Bitcoin is there—they should be able to verify it themselves,” underscoring that these reserves are available for real-time inspection at any moment.
With this system, Block’s 8,883 BTC—valued at approximately $681.4 million—appear directly on the blockchain, open to verification by anyone at any time. This positions Block as the company holding the 14th largest BTC corporate treasury globally, according to current rankings.
Varying corporate attitudes toward reserve proof
Not all industry leaders share the same outlook on reserve proofing. Strategy, one of the world’s largest Bitcoin-holding companies, maintains a different stance on the practice. Michael Saylor, the company’s chairman, suggested at a 2025 event that such transparency measures could jeopardize institutional security and risk stakeholders’ interests, expressing his scepticism about their overall benefit.
According to Michael Saylor, sharing reserve data could pose security risks for issuers, custodians, exchanges, and investors alike; for this reason, his own company does not implement such a system.
This perspective highlights the ongoing debate in the sector about balancing security with transparency. While some, like Strategy, prioritize confidentiality, Block leans into a more open and verifiable approach to digital asset management.
Expanding features for users
Alongside the proof-of-reserves update, Block has announced several new features for users. The firm introduced Bitkey, a hardware wallet with a touchscreen for transaction verification. Additionally, it has launched a Cash App feature allowing certain users to automatically convert payments into Bitcoin.
Incentives have also increased for Square customers, who can now receive 5% cashback in Bitcoin on their purchases. Withdrawal limits have been raised, with users able to draw up to $10,000 per day and $25,000 per week. Jack Dorsey, a long-time advocate for Bitcoin’s use in everyday transactions, considers mainstream acceptance of the cryptocurrency as payment essential to achieving its original vision.
Firmly positioned within the digital payments industry, Block continues to support transparency and usability in crypto, furthering the adoption and development of digital currency solutions.
