Jack Dorsey's fintech company Block Inc., the firm behind Square and Cash App, has disclosed total Bitcoin holdings of 28,355 BTC — worth approximately $2.2 billion — in its first-quarter proof-of-reserves report published Monday.
The holdings are split between customer and corporate accounts. Customer Bitcoin holdings totaled 19,357 BTC, valued at approximately $1.5 billion, while corporate treasury holdings comprised 8,997 BTC, worth about $692.3 million. Third-party auditors confirmed the findings.
"People shouldn't have to trust that their Bitcoin is there, they should be able to verify it," the company said in its disclosure.
Block noted that anyone can independently confirm its holdings using on-chain cryptographic signatures, with reserves described as "actively controlled, not just historically observed."
Block's corporate treasury position of just under 9,000 BTC ranks the company as the 14th-largest Bitcoin holder among corporate treasuries, placing it just behind Trump Media, according to data from BitcoinTreasuries.net.
Proof-of-reserves reporting gained widespread adoption following the collapse of FTX in November 2022, with major crypto exchanges and financial institutions increasingly embracing the transparency measure as a way to rebuild trust after high-profile industry failures.
Not all Bitcoin advocates are supportive of the practice, however. In May 2025, Michael Saylor, executive chairman of Strategy — the largest corporate Bitcoin reserve firm — argued against current proof-of-reserves methods. He suggested that publishing wallet addresses is "like publishing the address and the bank accounts of all your kids and your phone numbers of all your kids, and then thinking somehow that makes your family better," noting that it exposes all past and future transactions linked to those addresses.
"It actually dilutes the security of the issuer, the custodians, the exchanges and the investors. It's not a good idea. It's a bad idea," Saylor said at the time, adding that "It's a proof of assets that is insecure, and it is not a proof of liabilities."
Block is expected to release its first-quarter earnings on May 7. The company reported $115.7 million in net income for Q4 2025, down sharply from $1.9 billion in the same period of 2024.
Why it matters
Block's report distinguishes between customer-held and corporate-held Bitcoin, a structural detail that matters for users of Cash App: it means the company is separately accounting for Bitcoin it holds on behalf of customers versus its own treasury position.
The use of on-chain cryptographic signatures — rather than a simple balance attestation — means any third party can independently verify control of the funds without relying solely on the auditor's word, which is the core technical distinction Block is emphasizing.
The debate over proof-of-reserves methodology, illustrated by Saylor's public criticism, signals that there is no industry consensus on the right standard, leaving investors and users to weigh transparency against the operational security risks of publishing wallet addresses.
