In a significant move within the cryptocurrency landscape, Jack Dorsey’s fintech company, Block Inc., has published its inaugural proof-of-reserves report for the first quarter, revealing substantial Bitcoin holdings. As of March 2026, Block’s total Bitcoin assets stand at 28,355 BTC, valued at approximately $2.2 billion.
The breakdown of these holdings indicates that customer Bitcoin comprises the bulk, totaling 19,357 BTC, worth around $1.5 billion. In addition, the corporate treasury holds 8,997 BTC, equating to about $692.3 million. This level of transparency is incentivized by a commitment to allow independent verification of these holdings through on-chain cryptographic signatures, reinforcing Block’s assertion that customers should not only trust the company but also be able to verify the security of their Bitcoin assets.
Notably, Block’s treasury holdings, which are just shy of 9,000 BTC, position it as the 14th-largest corporate Bitcoin holder, just behind Trump Media, according to data from BitcoinTreasuries.net. The company’s emphasis on active control of these reserves, rather than merely historical observation, marks a shift toward greater accountability in the cryptocurrency sector.
The trend of proof-of-reserves reporting gained traction following the collapse of FTX in November 2022, prompting crypto exchanges and financial institutions to adopt more transparent practices to regain consumer confidence. Nonetheless, not all figures in the cryptocurrency community endorse this practice. Michael Saylor, the executive chairman of Strategy, a leading Bitcoin reserve firm, has voiced strong criticisms of current proof-of-reserves methodologies. He likened the disclosure of wallet addresses to sharing sensitive personal information, arguing that it could jeopardize the security of custodians and investors alike.
As Block prepares to report its first-quarter earnings on May 7, stakeholders are eager to see how this new commitment to transparency will influence its market positioning and customer trust. In its previous quarter, the company reported a net income of $115.7 million, a notable decrease from $1.9 billion in the corresponding quarter of the previous year.
