Block, the payments company led by Jack Dorsey, launched proof-of-reserves for its corporate Bitcoin treasury and two flagship products, Cash App and Square. Anyone can now verify the company's 8,883 Bitcoin holdings worth $681.4 million through on-chain cryptographic signatures.
The Las Vegas Announcement
Block made the announcement on Monday, April 28, at its corporate event in Las Vegas. The proof-of-reserves covers three entities at once: the corporate Bitcoin treasury, the Cash App payment platform, and the Square business payment service. It is the first time the company has made reserve verification public and technically auditable by anyone outside the firm.
"People shouldn't have to trust that their bitcoin is there, they should be able to verify it," the company wrote on X after the announcement. Dorsey, a longtime advocate of Bitcoin as a peer-to-peer payment system, has long argued that trust without verification runs counter to the core philosophy of the asset.
Block holds 8,883 Bitcoin worth $681.4 million on its balance sheet, placing it 14th among the largest corporate Bitcoin holders worldwide. The company operates mainly in payments and technology, not traditional finance, but has held Bitcoin as a strategic asset for years.
How On-Chain Verification Works
Block said anyone can "independently confirm Block's holdings" through on-chain signatures. The company publishes a cryptographic signature tied to specific Bitcoin addresses on the network. Any outside observer can check those addresses against public blockchain data and confirm the funds are there and under Block's control.
"Reserves are actively controlled, not just historically observed," the company stated. This separates on-chain verification from traditional financial audits, where the outcome depends on trusting the auditor. With an on-chain signature, the proof comes from mathematics alone.
Proof-of-reserves gained wide adoption after the FTX collapse in November 2022. It emerged that the exchange had used customer funds for its own operations for years, all without clients knowing. After that, major platforms including Binance, Kraken, OKX, Bitfinex, and Bitget adopted regular public reserve disclosures. Block extends the practice to corporate treasuries outside the exchange industry.
Strategy Has Not Followed
Strategy, the world's largest corporate Bitcoin holder, has not published any proof-of-reserves. In May 2025, executive chairman Michael Saylor called the practice a security risk. "It actually dilutes the security of the issuer, the custodians, the exchanges and the investors," he said. "It's not a good idea."
Saylor's argument is that publishing Bitcoin addresses helps bad actors map the custody structure behind large positions and target the company more precisely. Block and Dorsey appear to weigh those risks differently. For Dorsey, full transparency outweighs the exposure that comes with revealing specific addresses.
The disagreement reflects a genuine split in the industry. Some large holders choose full public disclosure to build client confidence. Others hold that publishing reserve addresses creates an unnecessary attack surface. The FTX collapse made a strong case against secrecy, but has not settled which approach is safer.
New Products for Users and Merchants
Alongside the proof-of-reserves, Block announced several product updates. The Bitkey hardware wallet got a touchscreen for approving transactions directly on the device, without switching apps. Cash App introduced automatic conversion of incoming payments to Bitcoin for eligible users.
Square merchants got a 5% Bitcoin cashback reward on purchases through the platform. Cash App withdrawal limits rose fivefold. Users can now move up to $10,000 per day and $25,000 per week.
Together, these announcements follow Block's consistent push to make Bitcoin an actual payment tool people use every day. The proof-of-reserves is part of that push: it gives users a technical reason to trust that the Bitcoin they hold through Block's products is actually there.
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