Block Introduces Bitcoin Proof-of-Reserves to Improve Transparency

Block, the payments company behind Cash App and Square, has introduced on-chain proof-of-reserves for its corporate Bitcoin treasury, alongside new features for its products. The move places Block in the vanguard of crypto firms increasing transparency by allowing independent verification of holdings, rather than relying on trust alone.

At a Las Vegas event, Block announced that anyone can independently verify Block’s Bitcoin holdings through on-chain signatures, and that reserves are actively controlled rather than merely historically observed. The company noted a balance of 8,883 BTC, valued at about $681.4 million, which it describes as the 14th-largest corporate Bitcoin holding.

Key takeaways Block adds on-chain proof-of-reserves for its corporate Bitcoin treasury and for Cash App and Square, enabling public verification of holdings. 8,883 BTC are disclosed as Block’s reserves, valued around $681.4 million, marking Block as the 14th-largest corporate Bitcoin holder.

PoR is presented as actively controlled and verifiable, not just a historical record, according to Block’s announcement on X. Adoption of proof-of-reserves has grown since the FTX collapse, with major platforms like Binance, Kraken, OKX, Bitfinex and Bitget among those embracing disclosures.

Despite the broader push, some industry figures — notably Strategy’s Michael Saylor — have questioned PoR, citing security and information-exposure concerns. Block expanded its crypto toolkit with a touchscreen Bitkey hardware wallet, Cash App enhancements to auto-convert payments to Bitcoin, 5% Bitcoin back at Square merchants, and higher withdrawal limits.

Block’s PoR expansion and what it covers Block’s new proof-of-reserves offering targets not only its corporate treasury but also the company’s consumer-facing payments rails. The disclosure covers 8,883 BTC on its books, which Block says helps validate the firm’s Bitcoin holdings in a verifiable, on-chain manner.

By presenting these reserves alongside its public statements, Block aims to give users and investors a clearer picture of where its Bitcoin assets sit and how they’re controlled. The company framed the PoR rollout as part of a broader push toward greater accountability in the crypto industry, particularly in the wake of past industry-wide upheavals.

By tying the verification to on-chain signatures, Block argues that the reserves are actively managed and auditable, rather than simply reported after the fact. Verification as a standard, with notable industry context The PoR trend gained significant momentum after the 2022 FTX collapse, when customers and counterparties increasingly pressed for transparent, independently verifiable asset backing.

Since then, several large crypto exchanges and institutions have published proof-of-reserves disclosures as part of a broader transparency push. Block’s adoption adds to a growing list that includes major venues such as Binance, Kraken, OKX, Bitfinex and Bitget. That broader market debate remains nuanced.

In May 2025, Michael Saylor, executive chairman of Strategy, the universe’s largest corporate Bitcoin holder, publicly warned that proof-of-reserves can pose security risks. He argued that exposing certain information about reserves and custodial relationships could undermine security for issuers, custodians, exchanges and investors.