TLDR
- Block reported total bitcoin holdings of 28,355 BTC valued at about $2.2 billion as of March 31, 2026.
- The company held 19,357 BTC on behalf of customers, worth roughly $1.5 billion at the end of the quarter.
- Block disclosed 8,997 BTC in corporate holdings valued at nearly $692.3 million.
- Independent third-party auditors verified the proof-of-reserves report released on Monday.
- Block said anyone can verify its bitcoin reserves using on-chain signatures.
Block confirmed it held 28,355 BTC valued at about $2.2 billion as of March 31, 2026. The company released its first-quarter proof-of-reserves report on Monday and included customer and corporate balances. Independent auditors verified the figures, and the company disclosed holdings across its treasury, Square, and Cash App.
Block Details Bitcoin Reserves and Customer Balances
Block stated that total bitcoin holdings reached 28,355 BTC at the end of the first quarter. The company valued the holdings at roughly $2.2 billion based on market prices at that time. Auditors reviewed the report, and they confirmed the balances.
The company reported that it held 19,357 BTC on behalf of customers, worth about $1.5 billion. It also disclosed 8,997 BTC in corporate holdings valued at nearly $692.3 million. The report covered assets held through its corporate treasury as well as Square and Cash App.
Block said it allows public verification of its bitcoin reserves through on-chain signatures. The company stated, “[People] shouldn’t have to trust that their bitcoin is there, they should be able to verify it.” It added, “Using on-chain signatures, anyone can independently confirm Block’s holdings.”
The company also said it actively controls its reserves rather than simply reporting historical balances. It stated, “Reserves are actively controlled, not just historically observed.” Block released the report as part of its ongoing transparency efforts.
Proof-of-Reserves Debate and Upcoming Earnings
Several crypto firms adopted proof-of-reserves disclosures after the FTX collapse. Companies use these reports to show on-chain asset balances and increase transparency. Block followed this approach with its first-quarter report.
Michael Saylor addressed the practice in May 2025 and criticized public proof-of-reserves disclosures. He described publishing on-chain proof-of-reserves as a “bad idea” and warned about potential security risks. His comments reflected concerns about revealing wallet addresses.
Block plans to release its first-quarter earnings on May 7. The company reported $115.7 million in net income for the fourth quarter of 2025. It recorded $1.9 billion in net income during the same period in 2024.
Block’s shares traded on the New York Stock Exchange under the ticker SQ. The stock closed 0.49% lower at $71.28 on Monday. However, the shares remained up 24.9% over the past month.
