Block discloses $2.2B in Bitcoin, publishes Q1 proof-of-reserves
Block reported 28,355 BTC worth about $2.2 billion in its Q1 proof-of-reserves, with 19,357 BTC for customers and 8,997 BTC in its corporate treasury, verifiable on-chain.
Block published a first-quarter proof-of-reserves report on Monday showing total Bitcoin holdings of 28,355 BTC, valued at about $2.2 billion as of March 2026. The report lists 19,357 BTC held on behalf of customers, roughly $1.5 billion, and 8,997 BTC in the company’s corporate treasury, roughly $692.3 million. Block provided cryptographic proofs tied to specific wallet addresses for independent verification on the Bitcoin blockchain.
The disclosure describes the reserves as “actively controlled, not just historically observed,” and includes on-chain signatures that allow anyone to confirm ownership of the cited addresses. The filing also included the statement: “People shouldn’t have to trust that their Bitcoin is there, they should be able to verify it.”
Third-party auditors reviewed the cryptographic evidence and confirmed the reported balances, the company noted. Block is the fintech firm led by Jack Dorsey and is the parent company of Square and Cash App.
Proof-of-reserves reporting expanded across the crypto industry after the collapse of FTX in November 2022, as exchanges and financial firms adopted on-chain verification to provide transparency about custody of customer assets.
Not all industry participants endorse current proof-of-reserves practices. In May 2025, Michael Saylor, executive chairman of Strategy, argued that publishing wallet addresses can reduce security and described the approach as “a proof of assets that is insecure, and it is not a proof of liabilities.”
Block said the report offers a cryptographic method for outside parties to verify the holdings it disclosed. The company is scheduled to report first-quarter earnings on May 7. In its most recent quarter, the company reported $115.7 million in net income for the fourth quarter of 2025, down from $1.9 billion in the same period a year earlier.
The proof-of-reserves report provides a snapshot of Block’s Bitcoin position as of March 2026 and a means for users and auditors to validate the balances through on-chain signatures.
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