Block Reports $2.2B in Bitcoin Holdings in Q1 Proof-of-Reserves Disclosure

Block Inc., the fintech company led by Jack Dorsey, has published what it described as Cash App’s first-quarter proof-of-reserves report, detailing its bitcoin positions including customer assets. According to CoinDesk, Block said that as of March 31, 2026, it held 28,355 BTC valued at about $2.2 billion. The report was verified by an independent auditor and covers assets held through Block’s corporate finance function, Square, and Cash App. Block said roughly 19,357 BTC, worth around $1.5 billion, are held on behalf of customers. The company’s own bitcoin holdings total 8,997 BTC, valued at approximately $692.3 million. "People shouldn't just believe their Bitcoin exists—they should be able to verify it," the company said Monday. Block added that on-chain signatures allow anyone to independently confirm its holdings and that reserves are actively controlled rather than based solely on historical data. Proof-of-reserves reporting gained traction after the collapse of FTX, as crypto firms sought to boost transparency by showing on-chain holdings. MicroStrategy co-founder Michael Saylor has criticized the practice, saying in remarks reported in May 2025 that publishing on-chain proof of reserves is a "bad idea" that could create security risks for companies. Block is scheduled to report first-quarter earnings on May 7. For the fourth quarter of 2025, the company reported net income of $115.7 million, compared with $1.9 billion in the same period of 2024. Block shares on the New York Stock Exchange fell 0.49% to $71.28 on Monday, though the stock is up 24.9% over the past month.