Block publishes a proof-of-reserves report, holding 28,355 bitcoins with a total value of approximately $2.2 billion.

Jack Dorsey’s payments company Block (NYSE: XYZ) published a proof of reserves on its official website on April 28, with data through the end of Q1 2026. According to the official announcement, Block holds a total of 28,355.05 bitcoins, worth approximately $2.2 billion.

Data Structure and Verification Mechanism of the Proof of Reserves

According to Block’s official announcement, the proof of reserves covers the company’s treasury and customers’ bitcoin holdings on the Cash App and Square platforms. It uses on-chain signature technology that allows for public verification of bitcoin balances. Block states that the relevant holdings are always under active control and are not dependent on historical snapshots.

New Bitkey Hardware Wallet Specifications

According to a statement Block sent to “Bitcoin Magazine,” the new Bitkey hardware wallet is equipped with a secure touchscreen, which can serve as a verification layer for transactions and security settings. The goal is to address the risks associated with users relying on external devices to manage wallet permissions. Block’s official announcement shows that the new Bitkey continues the 2/3 multisignature architecture, does not require a recovery seed phrase, and adds inheritance functionality along with a privacy-focused design. Block has opened preorders and released technical documentation.

Cash App Bitcoin Feature Updates

According to Block’s official announcement, Cash App is rolling out the following bitcoin-related updates:

· Users can convert peer-to-peer transfer income into bitcoin

· A “Bitcoin Cashback” program: earn a 5% bitcoin reward on qualifying transactions with Square merchants, with a monthly cap

· Bitcoin withdrawal limits increased to $10,000 per day and $25,000 per week

· Waive fees and spreads for transactions exceeding $2,000

· Enable free bitcoin direct deposit functionality

· Square NFC bitcoin payment display

According to Block’s official announcement, Block plans to showcase bitcoin payment solutions based on NFC near-field communication technology at the 2026 Las Vegas Bitcoin Conference via Square. The system does not require QR codes and uses Lightning Network settlement. Merchants can accept bitcoin payments through a process similar to that of contactless bank cards. Block said that such transactions will be fee-free before the end of 2026.

Frequently Asked Questions

What is the total amount of bitcoin holdings in Block’s proof of reserves, and how are customers and the company categorized?

According to Block’s official announcement on April 28, 2026, as of the end of Q1 2026, Block holds a total of 28,355.05 bitcoins (worth approximately $2.2 billion). Of this, customer holdings are 19,357.16 bitcoins (about $1.5 billion), and the company treasury holdings are 8,997.89 bitcoins (about $696 million).

What verification mechanism does Block’s proof of reserves use?

According to Block’s official announcement, the proof of reserves uses on-chain signature technology that enables public verification of bitcoin balances. It covers holdings in the company treasury and those of customers on Cash App and Square; Block states that the relevant holdings are always under active control and do not rely on historical snapshots.

What are the conditions for the newly launched 5% Bitcoin cashback program on Cash App?

According to Block’s official announcement, users can receive a 5% bitcoin reward when they make qualifying transactions with Square merchants, with a monthly cap. The cash withdrawal limit is also increased to $10,000 per day and $25,000 per week; for transactions over $2,000, fees and spreads are removed.