Block, one of the leading names in the fintech industry, made an important announcement about corporate Bitcoin reserves at its last event. The company, under the management of Jack Dorsey, has introduced a reserve proof system for both its own treasury and its two major products, Cash App and Square. According to Block’s statement, through this system, the amount of Bitcoin held by the institution can be verified in real time and directly on the blockchain.
A new era in transparency
This approach, known as proof-of-reserves, covers the company’s total holdings of 8,883 Bitcoins. This amount is worth approximately $681.4 million, placing Block as the 14th company in the world with the most Bitcoin on an institutional basis. In the statement made by the company, it was emphasized that both users and the public should have not only trust but also independent control over Bitcoin reserves.
With Block’s proof-of-reserve system, anyone can verify the company’s Bitcoins on-chain. Thanks to this system, it can be viewed both historically and instantly, transparently, whether it is under Block control or not. The company stated that it aims to increase transparency in the sector with this step.
The search for trust in crypto and different approaches
After the collapse of FTX in November 2022, concerns about whether reserves are actually held in the crypto industry have gained great importance. Since then, various crypto platforms such as Binance, Kraken, OKX, Bitfinex have adopted the proof-of-reserves system for transparency purposes. The aim is to give customers confidence that their funds are held completely and securely.
However, it cannot be said that all major Bitcoin-focused companies support this system. MicroStrategy, the company with the most institutional Bitcoin holdings, has not released proof of reserves to date. The company’s executive chairman, Michael Saylor, argued in a statement in May 2025 that making such data publicly available could pose security risks and could actually harm the market.
New Bitcoin products and increased limits
In addition to the proof-of-reserves move, Block also announced a series of Bitcoin-focused innovations. Among these, the new Bitkey hardware wallet with touch screen stands out. Additionally, Cash App users in selected markets will be able to choose to automatically convert the payments they receive into Bitcoin. Businesses selling through Square will now be able to offer 5% Bitcoin rewards to their customers.
In addition, Block customers’ Bitcoin withdrawal limits have been increased fivefold. Now, up to 10 thousand dollars of Bitcoin can be withdrawn per day and 25 thousand dollars per week. With these innovations, the company has also expanded the reach of cryptocurrencies in daily use.
With products like Cash App, Square, and Bitkey, Block continues to lead Bitcoin adoption in the mainstream. These steps contribute to the establishment of new standards in the sector, from corporate transparency to payment convenience.
“We believe that customers and the public should have the opportunity to independently verify that assets are truly in the company’s control, rather than relying solely on good faith.”
