Jack Dorsey's Block reveals $2.2 billion in bitcoin holdings in Q1

Block Inc., the Jack Dorsey-led fintech company behind Square and Cash App, has published its first-quarter proof-of-reserves report, disclosing a total holding of 28,355 BTC, including customer assets.

The company disclosed Monday in the report that its total bitcoin holdings stood at 28,355 BTC (BTC), worth roughly $2.2 billion, as of the end of March 2026. The report, confirmed by third-party auditors, covers assets including those held through its corporate treasury, Square, and Cash App.

Among the total holdings, about 19,357 BTC ($1.5 billion) were held on behalf of its customers, while corporate holdings totaled 8,997 BTC, worth about $692.3 million.

"[People] shouldn't have to trust that their bitcoin is there, they should be able to verify it," the company said in a Monday statement. "Using on-chain signatures, anyone can independently confirm Block's holdings. Reserves are actively controlled, not just historically observed."

Proof-of-reserves

Many crypto firms have adopted proof-of-reserves measures following the FTX collapse to improve transparency by demonstrating onchain holdings. Michael Saylor, however, previously argued in May 2025 that publishing onchain proof-of-reserves is a "bad idea" that could pose security threats to a company.

Meanwhile, Block Inc. is expected to release its first-quarter earnings on May 7. In the fourth quarter of 2025, the company reported net income of $115.7 million, compared with $1.9 billion in the same period of 2024.

Block's NYSE-listed shares closed 0.49% lower at $71.28 on Monday, but remained up 24.9% over the past month.