Block, Inc., formerly known as Square, has released its next-generation Bitkey hardware wallet and rolled out significant bitcoin-centric upgrades to Cash App on July 10, 2026. These moves reinforce Block's commitment to self-custody and user-friendly bitcoin services.
Next-Gen Bitkey Hardware Wallet: Enhanced Security and Seedless Design
The updated Bitkey wallet features a secure screen to prevent private key tampering or phishing. It maintains the 2/3 multisig architecture and introduces a seedless design alongside inheritance capabilities, allowing users to safeguard their bitcoin without relying on traditional seed phrases. The goal, according to Block, is to strike a balance between robust hardware security and ease of use.
Cash App Upgrades: Auto-Conversion and 5% Bitcoin Cashback
Cash App now supports automatic conversion of received funds into bitcoin, enabling users to set rules that instantly convert incoming fiat (e.g., USD) into BTC. The app also introduces a 5% bitcoin cashback reward when users pay with their Cash App card, with the rebate credited directly in bitcoin. Additionally, withdrawal limits have been increased, giving heavy users more flexibility to move bitcoin to external wallets or cold storage.
Proof of Reserves and Bitcoin Holdings
Block has implemented Proof of Reserves for its corporate treasury, Cash App, and Square customer assets, allowing users to independently verify that all bitcoin balances are fully backed. According to Q1 2026 data, Block and its platforms collectively hold 28,355.05 bitcoin, with customers holding 19,357.16 BTC and the company treasury holding 8,997.89 BTC. This breakdown underscores both strong retail demand and Block's own conviction in bitcoin as a strategic asset.
CEO Jack Dorsey, a long-time bitcoin advocate, continues to steer Block's "bitcoin-first" strategy. Analysts believe that Bitkey's multisig and seedless approach could attract security-conscious newcomers, while Cash App's auto-conversion feature may accelerate bitcoin adoption for everyday transactions.