Dorsey's Block unveils Bitcoin proof-of-reserves in transparency move

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The proof-of-reserves seeks to verify the 8,883 Bitcoin, worth $681.4 million, marked on Block’s balance sheet — the 14th-largest Bitcoin holding among corporate treasuries. Proof-of-reserves became more widely adopted after the collapse of FTX in November 2022 as a transparency measure to assure customers that holdings were fully backed, secure and not at risk of misuse. Binance, Kraken, OKX, Bitfinex and Bitget are among the largest crypto trading platforms that have adopted proof-of-reserves disclosures. Strategy, the biggest corporate holder of Bitcoin in the world, has not issued any proof-of-reserves. In May 2025, Strategy executive chairman Michael Saylor flagged proof-of-reserves as a security risk when asked why his company doesn’t adopt the measure, arguing that it exposes sensitive information. “It actually dilutes the security of the issuer, the custodians, the exchanges and the investors,” Saylor said at the time. “It's not a good idea. It's a bad idea." Display of Bitcoin proof-of-reserves for Block’s Bitcoin treasury, Cash App and Square. Source: Block Block also launched a Bitkey hardware wallet with a touchscreen to verify transactions while rolling out a feature on Cash App allowing certain users to have payments automatically converted into Bitcoin. Related: 'Historical average' could push Bitcoin bottom at $57K level: Analyst Block is also offering 5% Bitcoin cash back rewards at Square merchants and has raised customer withdrawal limits fivefold to $10,000 per day and $25,000 per week. Dorsey is one of the biggest advocates seeking to push Bitcoin payments into the mainstream. He previously said Bitcoin payments must see wide adoption to uphold Satoshi Nakamoto’s original vision of Bitcoin as an electronic peer-to-peer cash system. Magazine: Adam Back says current demand is ‘almost’ enough to send Bitcoin to $1M

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