Jack Dorsey’s fintech firm Block Inc. has disclosed holding approximately $2.2 billion in Bitcoin as of the first quarter, underscoring its deepening commitment to digital assets amid ongoing industry debates over transparency and security.
Block Details $2.2 Billion Bitcoin Position in Q1 Report
Block Inc. disclosed in its Q1 proof-of-reserve report that it currently holds 28,355 BTC, worth $2.2 billion. Notably, the firm’s Bitcoin holdings include 19,357 BTC, worth $1.5 billion, held on behalf of customers, and 8,997 BTC, worth $692.3 million, held in the corporate treasury. This split highlights Block’s dual role as both a service provider safeguarding user assets and a corporate entity with direct exposure to Bitcoin.
According to BitcoinTreasuries, Block’s BTC treasury ranks it as the 14th largest corporate BTC holder, placing it behind Trump Media & Technology Group and ahead of GD Culture Group. The ranking reflects the growing competition among publicly listed firms accumulating Bitcoin as part of treasury diversification strategies.
Meanwhile, Block is the development company behind Cash App, a widely used digital wallet that integrates Bitcoin trading and payments. Further, the company is expected to release its Q1 earnings on May 7, 2026. Notably, Block reported net income of $115.7 million in Q4 2025, despite generating $1.9 billion in revenue in Q4 2024, indicating evolving margin dynamics across its business lines.
Proof-of-Reserves Debate Intensifies as Block Expands BTC Offerings
Meanwhile, the debate over the safety of proof-of-reserves continues to intensify among institutional investors. The concept gained prominence after the collapse of FTX in 2022, which exposed significant misuse of customer funds and triggered industry-wide calls for greater transparency.
Proof-of-reserve systems aim to allow firms to demonstrate on-chain asset holdings, but critics argue that such disclosures may introduce operational and security vulnerabilities. Among the skeptics is Michael Saylor, whose firm, Strategy, has opted not to adopt proof-of-reserve reporting. Saylor has warned that publishing wallet data could increase exposure to potential attacks.
Notably, Strategy recently revealed that its Bitcoin holdings have exceeded 818,000 BTC, solidifying its lead as the largest corporate holder. Despite these concerns, Block continues to double down on its proof-of-reserve approach. The firm maintains that users should not rely on trust alone but should be able to independently verify holdings through cryptographic proof.
In parallel, Block has expanded its Bitcoin-focused product suite. The company recently introduced the Bitkey hardware wallet with a secure touchscreen for transaction verification. It has also enhanced Cash App functionality, enabling eligible users to convert peer-to-peer payments directly into BTC, and has launched a 5% BTC reward initiative under its Bitcoin Back campaign.
Josiah Oluwadare
