Block Inc. (NYSE:SQ) published its first proof-of-reserves report Monday, disclosing total Bitcoin (CRYPTO: BTC) holdings of 28,355 BTC worth roughly $2.2 billion as of March 2026, confirmed by third-party auditors.

Block’s Bitcoin Holdings: Customer vs Corporate Split

Block’s Bitcoin reserves split into two categories: 19,357 BTC ($1.5 billion) held on behalf of customers and 8,997 BTC ($692.3 million) in corporate holdings. 

The report covers assets across Block’s corporate treasury, Square, and Cash App.

The company said users shouldn’t have to trust that their Bitcoin is there, they should be able to verify it. 

Using on-chain signatures, anyone can independently confirm Block’s holdings. Reserves are actively controlled, not just historically observed.

Block launched a proof-of-reserves dashboard that lets users verify wallet ownership through cryptographic signatures. 

The system shows Block controls specific Bitcoin wallets without exposing private keys. Verification runs directly in the browser with no data leaving the user’s device.

Cash App and Square Roll Out New Bitcoin Features

The reserves disclosure arrived alongside several Bitcoin product updates. Block launched a new Bitkey hardware wallet with a secure touchscreen built on 2-of-3 multisig architecture that eliminates the need for seed phrases.

Cash App is adding automatic peer-to-peer payment conversion into Bitcoin for eligible customers. 

The company also introduced Bitcoin Back, offering 5% back in Bitcoin at Square merchants subject to eligibility and monthly limits. 

Eligible Cash App customers now have higher Bitcoin withdrawal limits of $10,000 per day and $25,000 per week.

Square will demonstrate NFC tap-to-pay at Bitcoin Las Vegas 2026, showing how merchants can accept Bitcoin through contactless payments without QR codes.

Michael Saylor Warns Against Proof-of-Reserves

Many crypto firms adopted proof-of-reserves measures following the FTX collapse to improve transparency. 

However, Strategy Inc. (NASDAQ:MSTR) chairman Michael Saylor argued in May 2025 that publishing on-chain proof-of-reserves is a bad idea that could pose security threats to a company.

Block’s dashboard makes clear the data is a point-in-time snapshot and explicitly notes it is neither an audit nor a guarantee of solvency. 

A company may demonstrate control of Bitcoin wallets, yet key factors remain outside that view including liabilities, customer obligations, loans, and custody structures.

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