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Block Inc., the Jack Dorsey-led fintech company behind Square and Cash App, disclosed Bitcoin holdings totaling 28,355 BTC worth approximately $2.2 billion as of March 2026 in its first-quarter proof-of-reserves report published Monday.
The report says the holdings include 19,357 BTC worth about $1.5 billion held on behalf of customers and 8,997 BTC worth about $692.3 million in corporate treasury.
Third-party auditors confirmed the findings. Block said the purpose is to allow verification rather than reliance on trust.
“People shouldn't have to trust that their Bitcoin is there, they should be able to verify it,” the company said in its disclosure.
Block noted that anyone can independently confirm its holdings using on-chain signatures, describing its reserves as “actively controlled, not just historically observed.”
Block’s corporate treasury holdings of just under 9,000 BTC represent the 14th-largest Bitcoin holding among corporate treasuries, according to BitcoinTreasuries.net, placing the firm just behind Trump Media.
Proof-of-reserves reporting became more widely adopted after the collapse of FTX in November 2022. Major crypto exchanges and financial institutions increasingly embraced the transparency measure as a way to rebuild trust following high-profile failures in the industry.
Not all Bitcoin advocates support proof-of-reserves practices. In May 2025, Michael Saylor, executive chairman of Strategy, argued against current proof-of-reserves approaches.
He said publishing wallet addresses is “like publishing the address and the bank accounts of all your kids and your phone numbers of all your kids,” adding that it exposes all past and future transactions from those addresses.
Saylor said the approach “dilutes the security of the issuer, the custodians, the exchanges and the investors,” calling it “not a good idea” and “a bad idea.” He also characterized it as “a proof of assets that is insecure” and “not a proof of liabilities.”
Block is expected to release its first-quarter earnings on May 7.
For context, the company reported $115.7 million in net income for Q4 2025, down from $1.9 billion in the same period of 2024.
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