Block, the payments company led by Jack Dorsey, has launched a Bitcoin proof of reserves system for its corporate Bitcoin treasury, Cash App, and Square.
The Block Bitcoin proof of reserves system allows anyone to verify the company’s reported 8,883 Bitcoin holdings through on chain signatures. The holdings were worth about $681.4 million at the time of the announcement.
Block announced the update in Las Vegas on Monday and later posted details on X. The company said users should be able to verify Bitcoin holdings directly instead of relying only on trust.
“People shouldn’t have to trust that their bitcoin is there, they should be able to verify it,”
Block said in its post on X.
Block Bitcoin Proof of Reserves Shows 8,883 BTC Holdings
The Block Bitcoin proof of reserves feature lets people check the company’s Bitcoin holdings through on chain signatures. In simple terms, this means Block can prove it controls specific Bitcoin addresses without moving the funds.
Block said anyone can “independently confirm Block’s holdings” through the new system. The company also said its Bitcoin reserves are “actively controlled, not just historically observed.”
That means the system does not only point to past wallet activity. Instead, it aims to show that Block still controls the Bitcoin linked to its treasury, Cash App Bitcoin, and Square Bitcoin products.
The proof of reserves covers the 8,883 BTC shown on Block’s balance sheet. Based on the data in the report, that makes Block the 14th largest corporate Bitcoin holder.
The value of the Block Bitcoin stash stood at about $681.4 million. The figure places Block among the public companies with major corporate Bitcoin holdings.
Proof of Reserves Became More Common After FTX
Proof of reserves became more common after the collapse of FTX in November 2022. Crypto companies began using reserve disclosures to show that assets were backed by visible holdings.
The system usually lets users check whether a company holds the crypto it claims to hold. It also gives the public a way to review wallet based data.
Several major crypto trading platforms have adopted proof of reserves disclosures. The list includes Binance, Kraken, OKX, Bitfinex, and Bitget.
Block has now brought a similar transparency tool to its Bitcoin treasury, Cash App Bitcoin, and Square Bitcoin operations. The company linked the launch to on chain verification.
The Block Bitcoin proof of reserves update also comes as corporate Bitcoin holdings remain a major part of market tracking. Investors and users often follow which companies hold BTC and how much they report.
Michael Saylor Raised Security Concerns Over Proof of Reserves
Not all major corporate Bitcoin holders use proof of reserves. Strategy, the largest corporate Bitcoin holder, has not released a public proof of reserves system.
In May 2025, Michael Saylor, Strategy’s executive chairman, criticized the idea. He said proof of reserves can create security risks for issuers, custodians, exchanges, and investors.
“It actually dilutes the security of the issuer, the custodians, the exchanges and the investors,” Saylor said at the time. “It’s not a good idea. It’s a bad idea.”
His comments showed the main debate around Bitcoin proof of reserves. Some firms use it for public verification, while others avoid it because it may reveal sensitive custody information.
Block’s launch takes a different approach from Strategy. The company chose to make its Bitcoin reserves verifiable through on chain signatures.
Cash App Bitcoin and Square Bitcoin Get New Features
Block also announced other Bitcoin related updates alongside the proof of reserves launch. The company introduced a Bitkey wallet with a touchscreen for transaction verification.
The Bitkey wallet allows users to check transaction details on the device screen. Block added the hardware wallet update as part of its wider Bitcoin product rollout.
The company also added a Cash App Bitcoin feature for certain users. The feature allows payments to convert into Bitcoin automatically.
Block also introduced 5% Bitcoin cash back rewards at Square merchants. In addition, the company raised Bitcoin withdrawal limits for customers.
Users can now withdraw up to $10,000 per day and $25,000 per week. The report said this marked a fivefold increase in withdrawal limits.
Jack Dorsey Keeps Bitcoin Payments in Focus
Jack Dorsey has repeatedly supported Bitcoin payments. He has said Bitcoin should gain wider payment use to match Satoshi Nakamoto’s original idea of peer to peer electronic cash.
The latest Block update connects Bitcoin proof of reserves with several product changes. Those include the Bitkey wallet, automatic Cash App Bitcoin conversion, Square Bitcoin rewards, and higher withdrawal limits.
Block’s announcement places on chain verification at the center of its Bitcoin update. It also gives users a public way to check the company’s reported 8,883 BTC holdings.
The company’s Bitcoin treasury now sits alongside its product based Bitcoin services. Through the new system, Block says users can review its reserves without depending only on company statements.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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