Jack Dorsey’s Block Unveils Bitcoin Proof-of-Reserves, Discloses $2.2 Billion Holdings
Block Inc., the financial technology firm led by Jack Dorsey, has introduced a Bitcoin proof-of-reserves system designed to bring real-time transparency to corporate crypto holdings, as the company disclosed more than $2.2 billion worth of the digital asset on its balance sheet and customer platforms.
Summary:
- Block disclosed 28,355 BTC worth about $2.2 billion.
- The company launched on-chain proof-of-reserves verification.
- New Bitcoin products expand its payments and custody ecosystem.
The initiative, announced April 27, allows users and investors to independently verify Block’s Bitcoin reserves using cryptographic signatures on the blockchain. The company said the system confirms not only the existence of funds but also active control over the private keys, moving beyond traditional audit models that rely on periodic reporting.
Block’s total holdings include approximately 28,355 Bitcoin. Around 19,357 BTC are held on behalf of customers using Cash App and Square. Roughly 8,998 BTC sit on the company’s own balance sheet as a treasury investment.
Transparency Push Signals Shift in Industry Standards
The proof-of-reserves model reflects a broader push within the crypto sector to rebuild trust following past failures tied to opaque custody practices. By enabling public verification, Block aims to reduce counterparty risk and set a benchmark for disclosure among publicly traded firms.
Unlike static snapshots often used by exchanges, Block’s approach emphasizes continuous verification. The system allows stakeholders to confirm balances directly on-chain, reinforcing confidence that assets are fully backed and accessible.
The move also anticipates potential regulatory changes. Current requirements for public companies do not mandate real-time reserve verification. The company’s approach suggests that stricter oversight could emerge as digital assets become more integrated into mainstream finance.
READ MORE: Strategy Acquires $255M in Bitcoin as Institutional Demand Stays Strong
At the same time, the strategy highlights a divide within the industry. Some executives argue that publishing detailed reserve data could expose firms to security risks, particularly if wallet structures become easier to analyze. Block’s decision signals a willingness to prioritize transparency despite those concerns.
Payments and Hardware Tie Into Broader Bitcoin Strategy
The proof-of-reserves rollout coincides with a series of product updates aimed at expanding Bitcoin’s role across Block’s ecosystem. The company introduced an updated version of its Bitkey hardware wallet. This features a touchscreen interface and a multisignature setup that removes the need for traditional recovery phrases.
In payments, Cash App launched a “Bitcoin Back” program offering rewards in Bitcoin for purchases made through Square merchants. Block also demonstrated a prototype enabling contactless Bitcoin payments via NFC, powered by the Lightning Network for near-instant settlement.
To encourage adoption, the company said it will waive processing fees for Bitcoin payments through Square until the end of 2026. The approach is designed to lower friction for merchants while positioning BTC as a practical medium of exchange rather than a purely speculative asset.
Block’s integrated strategy – combining custody, payments, and verification – underscores its long-term commitment to Bitcoin as both infrastructure and financial asset. By aligning transparency with product expansion, the company is positioning itself at the center of a maturing digital asset ecosystem.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
