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Block Inc., the Jack Dorsey-led fintech company behind Square and Cash App, disclosed Bitcoin holdings totaling 28,355 BTC worth approximately $2.2 billion in its first-quarter proof-of-reserves report published Monday.
The holdings include 19,357 BTC worth about $1.5 billion held on behalf of customers and 8,997 BTC worth about $692.3 million in corporate treasury, according to the report. 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 signatures, with reserves "actively controlled, not just historically observed."
Block's corporate treasury holdings of just under 9,000 BTC represent the 14th-largest Bitcoin holding among corporate treasuries, placing the firm just behind Trump Media, according to BitcoinTreasuries.net.
Proof-of-reserves reporting became more widely adopted after 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 following high-profile failures in the industry.
Not all Bitcoin advocates are fans of the practice, though. In May 2025, Michael Saylor, executive chairman of the largest Bitcoin reserve firm Strategy, argued against current proof-of-reserves practices. 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 from 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 from $1.9 billion in the same period of 2024.
