The system covers Block’s reported 8,883 Bitcoin, valued at about $681.4 million. The company also introduced a touchscreen Bitkey hardware wallet, automatic Bitcoin conversion for eligible Cash App payments, 5% Bitcoin cashback for Square merchants, and increased Bitcoin withdrawal limits.
Block Launches Bitcoin Proof-of-Reserves
Block, the financial technology company led by Jack Dorsey, introduced proof-of-reserves for its corporate Bitcoin treasury as well as two of its major products, Cash App and Square.
The company announced the development during an event in Las Vegas, and pointed out that customers and the public should not have to rely solely on trust when it comes to Bitcoin reserves. Instead, they should be able to independently verify that the assets exist and are still under the company’s control.
X post from Block
According to Block, its proof-of-reserves system allows anyone to confirm the company’s Bitcoin holdings through on-chain signatures. This means users can verify that the reserves are not only visible historically, but are actively controlled by Block in real time.
The initiative covers the company’s reported 8,883 Bitcoin, which is valued at approximately $681.4 million. This makes Block the 14th-largest corporate Bitcoin holder globally.
Top Bitcoin treasury companies (Source: BitcoinTreasuries.NET)
Proof-of-reserves became extremely important in the crypto industry after the collapse of FTX in November of 2022. That event raised serious concerns about whether exchanges and firms were actually holding the assets they claimed to possess. Since then, proof-of-reserves has been adopted by several major crypto platforms, including Binance, Kraken, OKX, Bitfinex, and Bitget, as a transparency measure that is designed to reassure customers that funds are fully backed, secure, and not being misused.
Not all Bitcoin-focused companies support the concept. Strategy, the world’s largest corporate Bitcoin holder, has not introduced proof-of-reserves. In May 2025, executive chairman Michael Saylor argued that publishing reserve data creates security risks by exposing sensitive information related to issuers, custodians, exchanges, and investors. He described the practice as harmful rather than beneficial.
Alongside the proof-of-reserves announcement, Block also revealed several new Bitcoin-related products and features. The company launched an updated Bitkey hardware wallet that is equipped with a touchscreen for easier transaction verification. Cash App users in selected markets can now choose to automatically convert incoming payments into Bitcoin, making accumulation more seamless. Square merchants will also be able to offer 5% Bitcoin cashback rewards.
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In addition to this, Block increased customer Bitcoin withdrawal limits fivefold, now allowing withdrawals of up to $10,000 per day and $25,000 per week.
With these moves, Block is strengthening its position as one of the leading mainstream companies driving Bitcoin adoption.
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