In its first-quarter proof-of-reserves report published on Monday, Block Inc., the fintech company led by Jack Dorsey and known for Square and Cash App, announced that it holds 28,355 BTC valued at approximately $2.2 billion. According to third-party auditors, these holdings comprise 19,357 BTC ($1.5 billion) held for customers and 8,997 BTC ($692.3 million) in the corporate treasury.
The company emphasized transparency in its disclosure: “People shouldn’t have to trust that their Bitcoin is there, they should be able to verify it.” Block stated that anyone could independently confirm its reserves using on-chain signatures, noting that these reserves are actively controlled and not merely historically observed.
Block’s corporate treasury of just under 9,000 BTC places it as the holder of the 14th-largest Bitcoin reserve among corporate treasuries, ranking just behind Trump Media, according to data from BitcoinTreasuries.net.
The practice of proof-of-reserves reporting has gained traction since the FTX collapse in November 2022. This transparency measure is increasingly adopted by major crypto exchanges and financial institutions aiming to restore trust after high-profile industry failures.
However, not everyone supports this approach. In May 2025, Michael Saylor, executive chairman of Strategy, criticized current proof-of-reserves practices, likening the publication of wallet addresses to publicly sharing personal information about family members. He argued that it compromises security for issuers, custodians, exchanges, and investors, describing it as an insecure “proof of assets” rather than a true “proof of liabilities.”
Block is set to release its first-quarter earnings on May 7. The company reported $115.7 million in net income for Q4 2025, which marked a significant decrease from the $1.9 billion recorded during the same period in 2024.