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Block opens its Bitcoin treasury to public verification with proof of reserves
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Apr 28, 2026
According to Block, users can independently verify its Bitcoin reserves through cryptographic signatures published on-chain, allowing public confirmation of balances tied to its treasury, Cash App, and Square.
“People shouldn’t have to trust that their bitcoin is there; they should be able to verify it,” Block said in a X post.
Company disclosures show the system is designed to validate control over 8,883 BTC, valued at about $681.4m, which places Block among the largest corporate Bitcoin holders. The firm added that the reserves are “actively controlled, not just historically observed,” pointing to real-time verification rather than static snapshots.
Adoption of proof-of-reserves gained traction after the collapse of FTX in November 2022, when several exchanges moved to publish verifiable holdings to reassure users about asset backing. Platforms including Binance, Kraken, OKX, Bitfinex, and Bitget have since implemented similar disclosures.
Debate over transparency and security persists
Not all industry participants support the approach. Michael Saylor said in May 2025 that publishing proof-of-reserves can introduce security risks by exposing sensitive wallet data.
“It actually dilutes the security of the issuer, the custodians, the exchanges and the investors,” he said at the time, adding, “It’s not a good idea. It’s a bad idea.”
Strategy, the largest corporate holder of Bitcoin, has not adopted proof-of-reserves disclosures despite holding significantly more BTC than Block.
Alongside the verification rollout, Block has expanded its Bitcoin product suite. The company introduced an updated Bitkey hardware wallet with a touchscreen for transaction verification, while adding a feature on Cash App that lets selected users automatically convert incoming payments into Bitcoin.
Merchant-facing updates include 5% Bitcoin cashback rewards for purchases made through Square, paired with a fivefold increase in withdrawal limits to $10,000 per day and $25,000 per week.
Source>> Block opens its Bitcoin treasury to public verification with proof of reserves
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