Block Expands Bitcoin Push With New Bitkey Wallet and More

• Block debuted a new Bitkey hardware wallet with a touchscreen and 2-of-3 multisig design.
• Cash App now offers auto-Bitcoin conversion, 5% BTC rewards, and higher withdrawal limits.
• Block introduced Proof of Reserves covering treasury, Cash App, and Square BTC holdings.

Jack Dorsey’s Block rolled out a broad Bitcoin product push, centered on a new Bitkey hardware wallet, upgraded Cash App Bitcoin tools, public Proof of Reserves, and new merchant payments through Square.

Dorsey said in a post on X, “Bitcoin is money,” implying that the cryptocurrency should be used as money, not held only as a long-term asset.

Dorsey has backed that view for years, and Block’s latest releases move the company deeper into custody, payments, and daily Bitcoin use.

Bitkey Wallet Launch Targets Self-Custody Simplicity

Block announced a new Bitkey hardware wallet with a secure touchscreen. The screen is used to verify transactions and approve security settings directly on the device.

This changes a common weakness in many wallets, where signing happens on one device but key settings are handled elsewhere. Block said Bitkey keeps both transaction approval and security controls inside the hardware.

Bitkey still runs on a 2-of-3 multisignature model. It removes seed phrases, includes inheritance planning, and keeps a privacy-focused design.

Preorders opened immediately with shipping expected soon. Block also released a technical paper covering four areas, including security, recovery, privacy, and usability. However, Bitkey is not available in New York.

Cash App Expands Bitcoin Buying, Rewards, and Withdrawals

Cash App added automatic Bitcoin conversion for incoming peer-to-peer payments. Users can now receive transfers and convert them into Bitcoin automatically.

Block also launched “Bitcoin Back,” offering 5% rewards in Bitcoin on eligible purchases made with Square merchants.

The reward program runs through December 31, 2026. It is available to eligible US Cash App users, excluding New York. Rewards are capped at $30 per month per customer.

Cash App also raised Bitcoin withdrawal limits by five times to $10,000 per day and $25,000 per week. For larger buyers, Block removed fees and spreads on Bitcoin purchases above $2,000.

Users can also receive direct deposit in Bitcoin with no fees and no spread. The changes make Cash App a stronger Bitcoin on-ramp tied to salary, transfers, and spending.

Proof of Reserves Goes Live

Block launched Proof of Reserves covering three pools of Bitcoin holdings, i.e., Block corporate treasury, Cash App customer holdings, and Square customer holdings.

The system uses on-chain signatures, allowing users to independently verify balances. Block said reserves are under active control rather than based only on old snapshots.

This puts more transparency around customer and treasury Bitcoin at a time when reserve trust remains a key issue across the crypto market.

Related: China Orders Removal of Jack Dorsey’s Bitchat App From App Store