Block has introduced an onchain proof system that lets the public independently verify its Bitcoin reserves. The company said the total amount now covered is 8,883 BTC, worth about $681.4 million, including its corporate treasury as well as Bitcoin held through Cash App and Square.
The move comes after a broader industry shift that followed the 2022 collapse of FTX. Since then, more crypto firms have tried to show their holdings through blockchain-based verification rather than asking users to rely on company statements alone. Block’s leadership said people should not need to trust the company and that their Bitcoin should be fully verifiable, with those reserves subject to ongoing monitoring.
Public audit trail puts Block among top institutional holders
According to the source material, Block’s corporate Bitcoin treasury ranks 14th among institutional holders worldwide. The company is framing the system as a public and audit-friendly way to check reserves at any time, using blockchain data instead of depending only on periodic disclosures.
That approach places Block on one side of a debate that still divides major corporate Bitcoin holders. The central question is simple: how much transparency is too much when security is also at stake?
MicroStrategy argues proof-of-reserves can create risks
MicroStrategy has taken a different view. The article cites chairman Michael Saylor, who said at a 2025 event that proof-of-reserves processes could introduce security issues for companies and related parties. He said he did not think it was a good idea and called it a bad step to take.
Saylor’s position, as described in the report, is that publishing reserve proof may expose vulnerabilities for the issuer, custodians, exchanges, and investors. For that reason, MicroStrategy does not use the same kind of public disclosure. The contrast with Block shows that large firms still disagree on how to balance verifiability and operational security.
Bitkey, BTC conversion, cashback, and higher withdrawal limits
Alongside the reserve verification system, Block also rolled out several product updates. They include Bitkey, a hardware wallet with a touchscreen for secure transaction approvals, and an automatic BTC conversion feature inside Cash App for eligible users.
Square users can also get 5% Bitcoin cashback on certain purchases. Cash withdrawal limits have been raised to $10,000 per day and $25,000 per week. Jack Dorsey has long argued that everyday Bitcoin payments matter, and the report notes that he has repeatedly linked wider payment use to Bitcoin’s original vision.