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Jack Dorsey has spent much of the past decade promoting Bitcoin as the native currency of the internet. Through Block Inc., the company formerly known as Square, Dorsey is pushing Bitcoin into payments, savings, and everyday financial activity via a network of subsidiaries and hardware projects.
Block has built a set of Bitcoin-oriented subsidiaries aimed at different parts of the adoption cycle. Cash App serves as the consumer-facing entry point, offering Bitcoin purchases since 2014. Bitkey focuses on self-custody hardware wallets. Proto is responsible for Bitcoin mining efforts. Spiral supports open-source Bitcoin development.
The company’s existing payments footprint provides scale for the strategy. Block processes $241B in annual payments, giving it established merchant relationships and consumer trust.
Block also holds 8,000 BTC on its balance sheet, purchased between 2020 and 2021 for approximately $170M.
In April 2024, Block disclosed a 3nm mining chip developed through its Proto subsidiary. By designing its own silicon, Block is aiming to reduce reliance on the broader mining supply chain. A 3nm process node is described as cutting-edge, using the same manufacturing technology Apple employs in its latest iPhone chips.
Bitkey, Block’s self-custody wallet, pairs with a mobile app and uses a distributed key model that splits signing authority between the hardware, the phone, and Block’s servers.
Block has announced a Bitcoin faucet revival scheduled for a May 11, 2026 launch. The original faucet, built by Gavin Andresen, distributed roughly 19,700 BTC over its lifetime, a reserve valued at well over $2B at current prices.
Alongside the faucet, Block has set up a $5M grant program for nonprofit organizations focused on Bitcoin education. The grants are distributed through Spiral, Block’s open-source development arm.
Miles Suter, who leads Bitcoin initiatives at Block, has described the company’s approach as driven by necessity rather than speculation, positioning Bitcoin as global financial infrastructure with an emphasis on payments.
Block’s $241B in annual payment volume gives it distribution advantages that pure-play Bitcoin companies may not have. The company’s Bitcoin-first strategy is also presented as a departure from other fintech firms: PayPal and Venmo allow users to buy Bitcoin, but they are not designing mining chips or funding open-source protocol development.
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