Jack Dorsey’s Block Introduces Bitcoin Proof-of-Reserves
Jack Dorsey‘s Block has launched a Bitcoin proof-of-reserves (PoR) feature, allowing investors and users of its flagship products, Cash App and Square, to independently verify the firm’s Bitcoin holdings. The announcement was made on April 28, alongside other Bitcoin-focused updates, as part of the companys ongoing push to enhance transparency and consumer trust. Block‘s corporate Bitcoin treasury currently holds 8,883 BTC, valued at approximately $681.4 million based on Bitcoin’s price of $77,839.68 on launch day. These holdings place Block as the 14th-largest corporate Bitcoin owner globally, according to BitcoinTreasuries.net. Users can confirm reserves on-chain through cryptographic signatures, ensuring that the assets are actively controlled rather than merely observed. “People shouldnt have to trust that their Bitcoin is there—they should be able to verify it,” Block noted in its announcement, emphasizing its commitment to transparency. This marks a significant move in an industry shaken by the collapse of FTX in November 2022, where mismanagement of customer funds led to losses in the billions. Since then, proof-of-reserves has gained traction as a standard for reassuring customers that their assets are fully backed and secure. In addition to PoR, Block also introduced a Bitkey hardware wallet with a touchscreen and new Cash App features, such as