Hassan Maishera
TL;DR
- Block Inc., led by Jack Dorsey, revealed its first-quarter proof-of-reserves report, disclosing 28,355 BTC valued at approximately $2.2 billion.
- The report, backed by third-party audits, emphasizes transparency through on-chain verification of its holdings.
Jack Dorsey's Block reveals $2.2 billion in bitcoin holdings in Q1
Block Inc., the fintech giant helmed by Jack Dorsey, has released its first-quarter proof-of-reserves report, revealing a total of 28,355 BTC, valued at approximately $2.2 billion.
This report, disclosed on Monday, includes bitcoin assets held across the company’s corporate treasury, Square, and Cash App, and has been verified by third-party auditors.
Of the total holdings, 19,357 BTC, worth about $1.5 billion, were held on behalf of Block’s customers. The remaining 8,997 BTC, valued at $692.3 million, were owned by the company itself.
In the report, Block noted the importance of transparency, stating, “People shouldn’t have to trust that their bitcoin is there—they should be able to verify it.”
The company encourages independent verification of its holdings using on-chain signatures, asserting that reserves are actively controlled, not just historically observed.
The use of proof-of-reserves has gained traction among crypto firms since the collapse of FTX, with many companies adopting the practice to demonstrate their on-chain holdings.
However, some, like Michael Saylor, have voiced concerns. In May 2025, Saylor argued that publishing on-chain proof-of-reserves could pose security risks to companies.
This latest development comes as Block Inc. is set to release its first-quarter earnings on May 7. In the previous quarter, the company reported a net income of $115.7 million, a sharp decline from $1.9 billion in Q4 2024.
