Key Highlights
- Block disclosed 28,355 BTC worth $2.2B, separating customer and corporate holdings with audited data and on-chain verification tools.
- Proof-of-reserves gains traction post-FTX, but critics warn reports miss liabilities and may expose firms to security risks.
- Beyond disclosures, Block pushes adoption with a Bitcoin faucet while navigating earnings pressure and regulatory challenges.
Block Inc. fintech company disclosed $2.2 billion in Bitcoin holdings in its first-quarter report, detailing 28,355 BTC as of March 2026. The Jack Dorsey-led firm said the total includes customer and corporate assets held across Square and Cash App, alongside the rollout of a proof-of-reserves system.
Of the total, 19,357 BTC are held on behalf of customers, while 8,997 BTC sit in corporate treasury accounts. The figures were verified by third-party auditors. In a post on X, Block added that users can independently confirm holdings through on-chain signatures, stating, “People shouldn’t have to trust that their bitcoin is there, they should be able to verify it.”
Proof-of-reserves gains momentum after FTX
Proof-of-reserves disclosures have gained traction since the collapse of FTX in 2022, as platforms moved to publish on-chain data to reassure users. Major exchanges, including Binance and Kraken, have adopted similar measures to demonstrate that customer funds are fully backed.
Critics, however, say the reports often lack a full financial context, citing the absence of liabilities and fiat reserves. Michael Saylor warned that publishing wallet details could introduce security risks. “It actually dilutes the security of the issuer,” he said.
Broader strategy and market positioning
Block Inc. is shifting its focus beyond Bitcoin disclosures as it rolls out new ways to drive user engagement. The company recently introduced a Bitcoin faucet, drawing on early experiments by Gavin Andresen, to encourage small-scale participation in crypto.
Block is set to report its first-quarter earnings on May 7, after posting a sharp drop in net income compared with last year. Despite that decline, its shares have risen about 25% over the past month.
Regulatory challenges remain. Apple removed Jack Dorsey’s Bitchat app from its China App Store over compliance concerns.
The latest moves reflect a broader shift in the crypto sector, where firms are placing greater emphasis on transparency and verifiable asset backing.
Also Read: Bitcoin 2026 Las Vegas: Regulators Shine While ‘Institutional Grift’ Debate Erupts
