Block is now offering 5% Bitcoin cash back to Square merchants – a detail that quietly highlights just how far Jack Dorsey’s payments company has gone to tie its business to Bitcoin.
The rewards program was announced Monday in Las Vegas, accompanied by a set of new features, the centerpiece being a live proof of reserves system covering the Block company’s Bitcoin holdings.
Anyone can check the numbers
Block holds 8,883 Bitcoins on its balance sheet, valued at approximately $680 million. This makes him the 14th largest Bitcoin holder in the world.
Through on-chain signatures, the company says any member of the public can independently confirm that these coins exist and are under active control.
Jack Dorsey. Image: Scott Olson/Getty
“People shouldn’t trust that their crypto is there, they should be able to verify it,” Block said in an article on X. The system covers not only the company’s treasury, but also two of Block’s flagship products: Cash App and Square.
– Bitcoin on the block (@BitcoinatBlock) April 27, 2026
The announcement of the proof of reservations was accompanied by several other measures. Block has launched a new Bitkey hardware wallet equipped with a touchscreen to verify transactions.
Cash App users will be able to automatically convert incoming payments to BTC. Customer withdrawal limits have also been significantly increased – up to $10,000 per day and $25,000 per week, five times the previous cap.
A standard adopted by the industry after a painful lesson
The broader push for reserve transparency dates back to the collapse of FTX in November 2022. After that failure shook confidence across the industry, exchanges and crypto companies began publishing proof of reserves in order to show customers that their funds were fully collateralized. Binance, Kraken, OKX, Bitfinex and Bitget have all adopted this practice.
Not everyone followed suit. Strategy, the world’s largest Bitcoin holding company, has not released any evidence of reserves. In May 2025, Executive Chairman Michael Saylor stated that this practice was actually dangerous.
According to Saylor, publishing reserve data “dilutes the security of the issuer, custodians, exchanges and investors.” He called it a “bad idea.”
Image: MetaAI
Dorsey’s broader push for Bitcoin payments
Block’s ads match a pattern. Dorsey has long argued that BTC needs to become a functional payment tool, not just a store of value.
He said broad adoption of Bitcoin payments is essential to preserving what he sees as Satoshi Nakamoto’s original intent: a peer-to-peer electronic payment system.
The Las Vegas event showed that this vision was taken even further in Block products. Automatic payment conversion to Bitcoin, cashback rewards, higher withdrawal limits – each feature brings everyday users closer to holding and spending crypto through Block’s ecosystem.
Featured image from Pexels, chart from TradingView
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