Block Launches Bitcoin Proof-of-Reserves System

Block Inc., the financial technology company led by Jack Dorsey, announced a proof-of-reserves system on Monday at an event in Las Vegas, allowing the public to independently verify its Bitcoin holdings through onchain cryptographic signatures.

The system covers the company's corporate treasury as well as Bitcoin balances held on behalf of customers through its Cash App and Square platforms. Block disclosed holdings of 8,883 Bitcoin, valued at approximately $681 million, positioning it as the 14th-largest corporate Bitcoin holder worldwide. Users can confirm Block's control over specific wallets directly in their browsers without exposing private keys or sharing personal data. "People shouldn’t have to trust that their bitcoin is there – they should be able to verify it," the company stated in a post on X.

This initiative provides a real-time snapshot of asset control rather than historical records alone, though Block noted it does not reveal liabilities or broader financial obligations. The rollout reflects an industrywide shift toward greater transparency following the 2022 collapse of FTX, which exposed risks in asset custody. Major exchanges including Binance, Kraken, OKX,...