Block is now offering 5% Bitcoin cashback to Square merchants. It’s a detail that quietly highlights just how far Jack Dorsey’s payments company has gone to connect its business with Bitcoin.
The rewards program was announced in Las Vegas on Monday along with a package of new features, the centerpiece of which is a real-time proof-of-holds system encompassing Block’s corporate Bitcoin holdings.
Anyone can check the numbers
Block has 8,883 bitcoins worth about $680 million on its balance sheet. This makes it the 14th largest corporate Bitcoin holder in the world.
The company says that on-chain signatures allow anyone in the public to independently verify that the coin exists and is actively controlled.
Jack Dorsey. Image: Scott Olson/Getty
“People shouldn’t have to trust their cryptocurrency is there, they should be able to verify it,” Block said in a post on X. The system includes corporate finance as well as Block’s two flagship products, Cash App and Square.
https://t.co/pkLmTXnxkG
— Bitcoin at Block (@BitcoinatBlock) April 27, 2026
The Proof of Reserves announcement came with a few other moves. Block has launched a new Bitkey hardware wallet featuring a touchscreen for transaction confirmation.
Cash App users can automatically convert their deposits to BTC. Customer withdrawal limits have also been significantly increased to a maximum of $10,000 per day and $25,000 per week, five times the previous limit.
Standards adopted by industry after painful lessons learned
The broader push for reserve transparency dates back to the collapse of FTX in November 2022. After that failure shook trust across the industry, exchanges and cryptocurrency companies began publishing proofs of reserves as a way to show customers they were fully funded. Binance, Kraken, OKX, Bitfinex, and Bitget have all adopted this practice.
Not everyone followed suit. Strategy, the world’s largest Bitcoin holding company, has not disclosed proof of its holdings. In May 2025, President Michael Saylor said the practice was indeed dangerous.
According to Saylor, disclosing reserve data “undermines the security of issuers, custodians, exchanges and investors.” He called it a “bad idea.”
Image: MetaAI
Dorsey’s Broad Push for Bitcoin Payments
Block’s announcement fits a pattern. Dorsey has long argued that BTC should become a functional payment tool rather than just a store of value.
He said widespread adoption of Bitcoin payments is essential to preserve Satoshi Nakamoto’s original intent: a peer-to-peer electronic cash system.
The Las Vegas event demonstrated a further strengthening of Block’s product vision. Automatic conversion of payments to Bitcoin, cashback rewards, higher withdrawal limits, etc. Each feature brings everyday users closer to holding and spending cryptocurrency through Block’s ecosystem.
Featured image from Pexels, chart from TradingView
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