Jack Dorsey's Block Inc. introduced a proof-of-reserves system, making its corporate treasury of 8,883 Bitcoin verifiable on-chain as of April 28, 2026. The holdings, valued at over $681 million, are now publicly auditable in a move toward greater transparency.
"We’ve gone to work in figuring out exactly the machinations necessary and legal interpretations that we need to get that right and solidify that and protect the digital assets, specifically bitcoin that we have on the government balance sheet,” a Block spokesperson said in a note. The system uses on-chain signatures to allow public verification of bitcoin balances.
The reserves cover holdings for Block’s corporate treasury as well as customer Bitcoin balances on its Cash App and Square platforms. The push for proof-of-reserves gained traction across the industry as a response to the collapse of FTX in 2022, with major exchanges like Binance, Kraken, and OKX adopting similar measures. In contrast, MicroStrategy, the largest corporate holder of Bitcoin, has argued against the practice, citing security risks.
Block's initiative aims to bolster investor confidence by providing continuous, verifiable proof of its holdings rather than relying on historical snapshots. The move is part of a wider Bitcoin-focused product expansion, signaling the company's deep commitment to integrating the cryptocurrency into its custody, payments, and financial infrastructure.
Alongside the transparency initiative, Block announced a new Bitkey hardware wallet featuring a secure touchscreen for transaction verification, designed to mitigate risks associated with external devices. The wallet operates on a 2-of-3 multisignature model and eliminates the need for traditional seed phrases.
Cash App, Block's popular payments application, also received significant Bitcoin-related updates. Users can now automatically convert peer-to-peer payments into Bitcoin and earn 5 percent "Bitcoin Back" rewards on certain transactions with Square merchants. To further encourage usage, the company raised Bitcoin withdrawal limits to $10,000 per day and removed fees on purchases above $2,000.
At the Bitcoin Las Vegas 2026 conference, Block is also set to demonstrate a tap-to-pay system for Bitcoin transactions using the Lightning Network, aiming to remove friction from in-person crypto payments.
This article is for informational purposes only and does not constitute investment advice.
