Online payments firm Block has launched proof-of-reserves for its corporate Bitcoin treasury and two of its flagship products, Cash App and Square, joining a growing list of crypto companies proving their holdings onchain.
The proof-of-reserves seeks to verify the 8,883 Bitcoin, worth $681.4 million, marked on Block’s balance sheet, the 14th-largest Bitcoin holding among corporate treasuries.
Proof-of-reserves became more widely adopted after the collapse of FTX in November 2022 as a transparency measure to assure customers that holdings were fully backed, secure and not at risk of misuse.
Binance, Kraken, OKX, Bitfinex and Bitget are among the largest crypto trading platforms that have adopted proof-of-reserves disclosures.
Strategy, the biggest corporate holder of Bitcoin in the world, has not issued any proof-of-reserves. In May 2025, Strategy executive chairman Michael Saylor flagged proof-of-reserves as a security risk when asked why his company doesn’t adopt the measure, arguing that it exposes sensitive information.
Source: X.com
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