At its latest event, fintech giant Block made a significant announcement regarding corporate Bitcoin reserves. Under Jack Dorsey’s leadership, the company has activated a live proof-of-reserves system covering both its own treasury and two major products, Cash App and Square. According to Block, their Bitcoin holdings can now be independently and instantly verified on the blockchain in real time.
A new era of transparency
This proof-of-reserves approach encompasses a total of 8,883 Bitcoins held by Block, currently valued at around $681.4 million. With this amount, Block ranks as the 14th largest corporate holder of Bitcoin globally. The company has emphasized that both end users and the general public should rely not just on trust, but also on independent oversight of these reserves.
Thanks to Block’s proof-of-reserves system, anyone can verify the company’s Bitcoin holdings directly on-chain. This initiative allows for both a historical and real-time audit of whether the assets remain under Block’s control, increasing transparency within the sector. The company stated that this move aims to set a higher bar for openness across its industry.
Building trust and diverging strategies in crypto
Distrust around crypto reserves became a major issue after the collapse of FTX in November 2022. In response, crypto platforms including Binance, Kraken, OKX, and Bitfinex have adopted proof-of-reserves frameworks to demonstrate to their customers that all funds are thoroughly accounted for and secure.
However, not all major Bitcoin-focused corporations support this mechanism. MicroStrategy, which holds more BTC than any other company, has never released proof-of-reserves. In a statement from May 2025, MicroStrategy chairman Michael Saylor argued that making such data public could create security vulnerabilities and potentially disrupt the market.
New Bitcoin products and expanded withdrawal limits
Beyond the proof-of-reserves update, Block also unveiled a suite of new Bitcoin-focused innovations. Among these is the new Bitkey hardware wallet featuring a touchscreen display. Additionally, Cash App users in selected markets can now choose to automatically convert incoming payments to Bitcoin, integrating cryptocurrency even further into daily life. Merchants operating with Square can now offer customers a 5% Bitcoin reward on purchases.
Block has also significantly increased withdrawal limits for its customers. Users are now able to withdraw up to $10,000 in Bitcoin per day and $25,000 per week. These changes are expanding the real-world utility and accessibility of cryptocurrencies for everyday financial transactions.
With products like Cash App, Square, and Bitkey, Block continues to be at the forefront of mainstream Bitcoin adoption. These initiatives contribute significantly to establishing new industry standards, from corporate transparency to everyday payments.
“We believe that customers and the public should have the independent ability to verify that assets are truly under the company’s control, rather than relying solely on good faith.”
