Block Held $2.2 Billion in Bitcoin at End of First Quarter
- Block said its total Bitcoin holdings stood at 28,355 BTC at the end of March 2026.
- Of that total, 19,357 BTC were held for customers, while 8,997 BTC were held as corporate treasury assets.
Jack Dorsey’s Block ended the first quarter with a sizable Bitcoin footprint still spread across both its consumer products and its own treasury, underscoring how closely the company remains tied to the asset even as its business has broadened well beyond crypto.
In its preliminary first-quarter update, Block said total Bitcoin holdings reached 28,355 BTC by the end of March, with a combined value of roughly $2.2 billion based on quarter-end pricing. The figures were included in the company’s investor materials ahead of its formal first-quarter earnings release.
Most of the Bitcoin still sits on behalf of customers
The larger share of those holdings was not owned outright by Block itself. The company said roughly 19,357 BTC, worth around $1.5 billion, were being held on behalf of customers. That makes sense given the role Bitcoin still plays inside Cash App and other parts of Block’s broader financial ecosystem.
The remaining 8,997 BTC, valued at about $692.3 million, represented Block’s corporate Bitcoin holdings. Those are the coins that sit on the company’s own balance sheet rather than being custodied for users.
That split matters because it gives a clearer picture of Block’s actual treasury exposure. The headline number is large, but most of it reflects customer activity rather than an internal corporate accumulation strategy on the scale seen at firms like Strategy or Metaplanet.
Even so, the quarter-end filing showed that Bitcoin remains financially relevant to Block in more ways than one.
The company said the closing price of Bitcoin on March 31 would translate into an expected $172.8 million remeasurement loss on its Bitcoin investment under GAAP, though it noted that this accounting impact sits below operating income and affects reported results rather than day-to-day business performance.
The post Block Held $2.2 Billion in Bitcoin at End of First Quarter appeared first on ETHNews.
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