Key Takeaways
- Block will launch Bitcoin payments on Square by 2026 using the Lightning Network.
- Merchants can choose to hold Bitcoin or auto-convert it to fiat.
- Stake n' Shake reports 50% savings in fees using Bitcoin payments.
Block, Inc., the financial services company led by Jack Dorsey, will launch Bitcoin payment functionality on its Square platform, with a full rollout expected by 2026.
The announcement came at the Bitcoin 2025 conference in Las Vegas on May 27, where Block demoed the feature live at the BTC Inc. merchandise store.
Square merchants & Bitcoin transactions
Square merchants will be able to accept Bitcoin via the Lightning Network using existing Square hardware.
Transactions will allow merchants to either retain the Bitcoin or convert it to fiat currency in real-time.
Dorsey confirmed in a post on X:
Merchants can choose to hold the Bitcoin, or auto-convert it to fiat in real-time.
Rollout timeline & features
Block expects the phased rollout to begin in the second half of 2025 and reach all eligible sellers by 2026, pending regulatory approvals.
The move builds on Square’s current Bitcoin Conversions feature, which already lets merchants convert fiat to BTC.
Economic empowerment for merchants
Miles Suter, Block’s Bitcoin Product Lead, said:
This is about economic empowerment for merchants who like to have options when it comes to accepting payments.
Bitkey wallet enhancements
Additionally, Block’s self-custody wallet Bitkey — launched in late 2023 — is getting new privacy and security features this month, aimed at improving ease of use without relying on traditional seed phrases.
Stake n’ Shake’s experience with Bitcoin
Separately at the conference, Dan Edwards, COO of fast food chain Stake n’ Shake, shared that accepting Bitcoin has reduced their payment processing fees by 50%.
Edwards said:
It’s a win for the customer, a win for us, the merchant, and a win for you in the Bitcoin community.
