Block Inc.’s Square has crossed a milestone of approximately 1 million merchants now enabled to accept Bitcoin payments. This achievement stems from an auto-enrollment wave that began March 30, when Square automatically switched on BTC payments by default for eligible U.S. sellers. At its peak pace, a new business was activating the feature every eight seconds. The rollout is powered by the Lightning Network, enabling near-instant settlement while merchants receive U.S. dollars by default, removing currency risk from the equation. Sellers can opt out if needed.
Bitcoin as Everyday Money: Block’s Strategic Vision
At the Bitcoin Conference in Las Vegas, Block outlined an expanded push to make Bitcoin usable as everyday money rather than simply a long-term investment. Speaking on the Nakamoto Stage, Bitcoin Product Lead Miles Suter said BTC “must circulate, not just sit still,” arguing that the cryptocurrency loses its transformational value if it does not function as peer-to-peer cash. Suter highlighted that more than 800,000 Square merchants now have BTC payments auto-enrollment enabled, with a new business activating every eight seconds. Block also rolled out a tap-to-pay BTC feature using NFC hardware and the Lightning Network, eliminating QR codes and offering zero processing fees through 2026.
Ecosystem Integration and Security Upgrades
Block is integrating Bitcoin across its ecosystem. Cash App users can automatically convert peer-to-peer payments into BTC, earn 5% Bitcoin Back rewards at Square merchants, and withdraw up to $10,000 per day and $25,000 per week. Additionally, Block introduced an updated Bitkey hardware wallet featuring a touchscreen and 2-of-3 multisig security model designed to simplify self-custody. These tools give consumers multiple ways to use and hold Bitcoin.
Financial Strength: Holdings and Proof of Reserves
Block released its Q1 2026 proof-of-reserves report showing holdings of 28,355.05 BTC worth roughly $2.2 billion. This position reflects the company’s long-term confidence in Bitcoin and backs its growing payment infrastructure. With Square’s million-merchant network, Block is transitioning from a payment processor to a full-stack Bitcoin ecosystem player, pushing the cryptocurrency toward everyday transactional use.