Jack Dorsey's Block Discloses $2.2B Bitcoin Holdings in Q1 Proof-of-Reserves Report

Block Inc., the Jack Dorsey-led fintech institution down Square and Cash App, disclosed Bitcoin holdings totaling 28,355 BTC worthy astir $2.2 cardinal successful its first-quarter proof-of-reserves report published Monday.

The holdings see 19,357 BTC worthy astir $1.5 cardinal held connected behalf of customers and 8,997 BTC worthy astir $692.3 cardinal successful firm treasury, according to the report. Third-party auditors confirmed the findings.

"People shouldn't person to spot that their Bitcoin is there, they should beryllium capable to verify it," the institution said successful its disclosure. Block noted that anyone tin independently corroborate its holdings utilizing on-chain signatures, with reserves "actively controlled, not conscionable historically observed."

Block's firm treasury holdings of conscionable nether 9,000 BTC correspond the 14th-largest Bitcoin holding among corporate treasuries, placing the steadfast conscionable down Trump Media, according to BitcoinTreasuries.net.

Proof-of-reserves reporting became much wide adopted aft the illness of FTX successful November 2022, with large crypto exchanges and fiscal institutions progressively embracing the transparency measurement arsenic a mode to rebuild spot pursuing high-profile failures successful the industry.

Not each Bitcoin advocates are fans of the practice, though. In May 2025, Michael Saylor, enforcement president of the largest Bitcoin reserve steadfast Strategy, argued against existent proof-of-reserves practices. He suggested that publishing wallet addresses is “like publishing the code and the slope accounts of each your kids and your telephone numbers of each your kids, and past reasoning someway that makes your household better,” noting that it exposes each past and aboriginal transactions from those addresses.

"It really dilutes the information of the issuer, the custodians, the exchanges and the investors. It's not a bully idea. It's a atrocious idea," Saylor said astatine the time, adding that, “It’s a impervious of assets that is insecure, and it is not a impervious of liabilities.”

Block is expected to merchandise its first-quarter earnings connected May 7. The institution reported $115.7 cardinal successful nett income for Q4 2025, down from $1.9 cardinal successful the aforesaid play of 2024.