Block Reveals 28,355 BTC in Holdings as Proof-of-Reserves Transparency Push Continues

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Jack Dorsey’s Block Inc. held 28,355 BTC worth approximately $2.2 billion as of March 2026, the fintech company revealed Monday in its first-quarter proof-of-reserves report, with third-party auditors confirming holdings spanning its corporate treasury, Square, and Cash App platforms.

Customer Assets Account for the Bulk of Block’s Bitcoin Exposure

Of the total holdings, 19,357 BTC valued at roughly $1.5 billion were held on behalf of customers, while Block’s corporate treasury accounted for the remaining 8,997 BTC, worth approximately $692.3 million. The report was verified by external auditors, adding a layer of independent confirmation to the disclosed figures.

In a statement accompanying the report, Block emphasized the intent behind publishing on-chain proof, saying: 

“People shouldn’t have to trust that their bitcoin is there, they should be able to verify it. Using on-chain signatures, anyone can independently confirm Block’s holdings. Reserves are actively controlled, not just historically observed.”

Post-FTX Transparency Push Remains Contested Among Major Crypto Firms

Block’s disclosure reflects a broader industry shift toward proof-of-reserves reporting that accelerated following the 2022 collapse of FTX. The firm’s closure exposed billions in misappropriated customer funds and triggered a crisis of confidence across the industry. 

In the aftermath, exchanges and fintech firms rushed to demonstrate solvency through on-chain verification, with Binance, Kraken, and OKX among the first to publish regular reserve attestations. Block’s report follows that precedent, extending the practice to a publicly listed fintech company with both retail and institutional exposure.

Not all industry figures are aligned on the practice, however. In May 2025, Strategy Executive Chairman Michael Saylor argued that publishing on-chain proof-of-reserves is a “bad idea” that could expose companies to security threats by revealing wallet addresses to potential attackers. 

Block has been accumulating Bitcoin since 2021, when it first announced a corporate treasury allocation, positioning itself alongside MicroStrategy and Tesla as one of the earlier publicly traded companies to adopt Bitcoin as a balance sheet asset.

Q1 Earnings Due May 7 as Block’s Shares Recover Ground

Block is scheduled to release its first-quarter earnings on May 7. The company’s most recent quarterly results, reported for Q4 2025, showed net income of $115.7 million, a sharp decline from the $1.9 billion recorded in the same period of 2024. Block’s NYSE-listed shares closed 0.49% lower at $71.28 on Monday, though the stock has gained 24.9% over the preceding month.