Jack Dorsey’s Block Inc., the fintech company behind Square and Cash App, has published its first-quarter proof-of-reserves report disclosing total bitcoin holdings of 28,355 BTC, worth roughly $2.2 billion as of the end of March 2026.
Breaking down the holdings
Of the total, about 19,357 BTC — valued at approximately $1.5 billion — were held on behalf of customers, while corporate holdings came to 8,997 BTC, worth around $692.3 million.
The report was confirmed by third-party auditors and covers assets held across Block’s corporate treasury, Square, and Cash App.
Block stated in its announcement:
“[People] shouldn’t have to trust that their bitcoin is there, they should be able to verify it. Using on-chain signatures, anyone can independently confirm Block’s holdings. Reserves are actively controlled, not just historically observed.”
Proof-of-reserves debate
Many crypto firms adopted proof-of-reserves measures following the FTX collapse as a way to demonstrate on-chain holdings and improve transparency.
Not everyone agrees with the approach, however.
Strategy’s Michael Saylor argued in May 2025 that publishing on-chain proof-of-reserves is a “bad idea” that could pose security threats to a company.
Earnings and stock performance
Block is expected to release its full Q1 2026 earnings on May 7.
In Q4 2025, the company reported net income of $115.7 million, down sharply from $1.9 billion in the same period of 2024.
Block’s NYSE-listed shares closed 0.49% lower at $71.28 on Monday, though they remained up 24.9% over the prior month.
