Online payments firm Block has launched proof-of-reserves for its corporate Bitcoin treasury and two of its flagship products, Cash App and Square, joining a growing list of crypto companies proving their holdings onchain.
“People shouldn’t have to trust that their bitcoin is there, they should be able to verify it,” the Jack Dorsey-led company said in a post to X after announcing the proof-of-reserves feature and other new offerings in Las Vegas on Monday.
Block said anyone can “independently confirm Block’s holdings” through on-chain signatures. “Reserves are actively controlled, not just historically observed,” it added.
Source: Block
The proof-of-reserves seeks to verify the 8,883 Bitcoin, worth $681.4 million, marked on Block’s balance sheet — the 14th-largest Bitcoin holding among corporate treasuries.
Proof-of-reserves became more widely adopted after the collapse of FTX in November 2022 as a transparency measure to assure customers that holdings were fully backed, secure and not at risk of misuse.
Binance, Kraken, OKX, Bitfinex and Bitget are among the largest crypto trading platforms that have adopted proof-of-reserves disclosures.
Strategy’s Saylor once said proof-of-reserves is a ‘bad idea’
Strategy, the biggest corporate holder of Bitcoin in the world, has not issued any proof-of-reserves.
In May 2025, Strategy executive chairman Michael Saylor flagged proof-of-reserves as a security risk when asked why his company doesn’t adopt the measure, arguing that it exposes sensitive information.
“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.”
Display of Bitcoin proof-of-reserves for Block’s Bitcoin treasury, Cash App and Square. Source: Block
Block also launched a Bitkey hardware wallet with a touchscreen to verify transactions while rolling out a feature on Cash App allowing certain users to have payments automatically converted into Bitcoin.
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Block is also offering 5% Bitcoin cash back rewards at Square merchants and has raised customer withdrawal limits fivefold to $10,000 per day and $25,000 per week.
Dorsey is one of the biggest advocates seeking to push Bitcoin payments into the mainstream.
He previously said Bitcoin payments must see wide adoption to uphold Satoshi Nakamoto’s original vision of Bitcoin as an electronic peer-to-peer cash system.
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