Overview
- Block enabled a public proof-of-reserves system that covers its treasury, Cash App, and Square, using on-chain signatures that people can check themselves.
- Company filings state the system verifies control of 8,883 BTC worth about $681.4 million, and Block says the wallets are actively controlled rather than static snapshots.
- Preorders opened for the updated Bitkey hardware wallet, which uses a 2-of-3 multisignature model, replaces seed phrases with guided recovery, and adds a secure touchscreen for approving transactions.
- Cash App rolled out bitcoin features that convert incoming peer-to-peer payments into bitcoin, offer 5% bitcoin rewards at eligible Square merchants, raise withdrawal caps to $10,000 per day and $25,000 per week, remove fees on buys above $2,000, and enable direct deposit in bitcoin at no extra cost.
- Block plans a Square tap-to-pay demo at Bitcoin Las Vegas 2026 that uses the Lightning Network and waives processing fees for those bitcoin payments through 2026, as industry voices continue to debate proof-of-reserves with critics warning of possible security risks.