Block Inc.'s payment brand Square has reached a major milestone: approximately 1 million merchants are now enabled to accept Bitcoin payments. The figure comes from a member of Block's team and reflects a wave of auto-enrollment that began on March 30, when Square automatically switched on BTC payments by default for eligible U.S. sellers.
Auto-Enrollment Mechanism Drives Million Merchant Milestone
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, completely removing currency risk. In other words, customers can pay in Bitcoin via Lightning while merchants still receive USD settlements, with the system handling conversion in the background and allowing sellers to opt out if needed.
The current million-merchant tally represents significant growth from the more than 800,000 merchants that Bitcoin Product Lead Miles Suter cited at the Bitcoin Conference in Las Vegas. Speaking on the Nakamoto Stage, 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.
Bitcoin as Everyday Money: Block's Ecosystem Integration
Suter expanded on Block's broader adoption metrics. Square is rolling out a tap-to-pay BTC feature using NFC hardware and the Lightning Network, eliminating QR codes and offering zero processing fees through 2026. The company's strategy centers on integrating bitcoin across its product suite.
Cash App users can now 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. Block also introduced an updated Bitkey hardware wallet featuring a touchscreen and a 2-of-3 multisig security model designed to simplify self-custody.
Alongside the product announcements, Block released its Q1 2026 proof-of-reserves report showing holdings of 28,355.05 BTC worth roughly $2.2 billion. This substantial treasury underscores Block's long-term conviction in Bitcoin and provides liquidity support for its growing payment ecosystem.