Block, the online payments firm led by Jack Dorsey, has launched a proof-of-reserves system covering both its own Bitcoin treasury and the reserves of its products Cash App and Square. The move allows the company’s 8,883 BTC, held on its balance sheet, to be transparently confirmed by anyone through onchain digital signatures—a significant step for transparency in the crypto market.
Push for transparency and the FTX aftermath
The collapse of the FTX exchange in 2022 prompted a wave of crypto firms to prove their holdings with onchain verification. Block has now joined this transparency trend, highlighting that its Bitcoin treasury, along with the BTC held in Cash App and Square, can be independently verified at any moment. Block’s leadership emphasized that “people shouldn’t need to trust us—their Bitcoin should be fully verifiable,” underlining the continual monitoring of these reserves.
With the introduction of this new system, the company’s total reserve—8,883 BTC, equal to $681.4 million—can be publicly validated on the blockchain. This amount makes Block’s corporate treasury the 14th largest BTC holding among institutional players worldwide.
Major players, different attitudes
Strategic industry giants like MicroStrategy have maintained a contrasting stance on transparency. Company chair Michael Saylor warned at a 2025 event that proof-of-reserves processes could carry unintended risks for corporate security and related stakeholders, arguing, “I think this is not a good idea, actually it is a bad step to take.”
Michael Saylor argued that publishing proof-of-reserves could create security vulnerabilities not just for the issuer but also for custodians, exchanges, and investors; for this reason, he clarified that his company does not practice such public disclosure.
MicroStrategy’s position highlights an ongoing industry debate between transparency and security concerns. In contrast, Block believes in making its Bitcoin reserves open and verifiable, prioritizing an audit-friendly system.
Fresh features and ongoing innovations
Alongside proof-of-reserves, Block has rolled out several new offerings for users. These include Bitkey, a hardware wallet with a touchscreen for secure transaction approvals, and an automatic BTC conversion feature within Cash App for eligible customers.
Square users can now receive 5% Bitcoin cashback on certain purchases, while cash withdrawal limits have been increased to $10,000 per day and $25,000 per week. Jack Dorsey, a long-time advocate of day-to-day Bitcoin payments, has repeatedly stated that widespread usage as a payment method is key to fulfilling BTC’s original vision.
Block, a major name in digital assets, continues to drive advances in crypto transparency and user convenience through innovative solutions.
