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Key Takeaways
- Jack Dorsey confirms development of Bitcoin payments for Square and Bitkey.
- Dorsey’s Block is a significant Bitcoin holder, currently owning 8,485 BTC valued at over $700 million.
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Jack Dorsey, co-founder of Block, the fintech firm behind Square and Bitkey, has confirmed that his team “is working on” integrating Bitcoin as a payment option for Bitkey and Square.
Dorsey’s statement got here in response to an X user’s query concerning the delay in enabling Bitcoin payments across Block’s services. He also pushed back against the concept that the method is “an easy flip of a switch.”
not an easy flip of a switch but we’re doing it
— jack (@jack) April 3, 2025
While Dorsey affirmed the corporate’s commitment to integrating Bitcoin payments, he didn’t provide a particular timeline for the rollout.
Founded by Dorsey and Jim McKelvey, Block, Inc. owns and operates a various portfolio of services, including Square, Cash App, Afterpay, Tidal, Bitkey, and Proto.
Bitkey is a self-custody Bitcoin hardware wallet that enables users to oversee and store their Bitcoin securely without counting on third-party exchanges or custodians.
The wallet was launched in late 2023, around 4 years after the launch of Square as a comprehensive point-of-sale solution.
Block focuses on Bitcoin mining expansion
Block is one among the world’s top Bitcoin holders. As of the most recent data, the corporate holds 8,485 BTC value over $700 million.
In a letter to its shareholders last November, Block announced its plans to ramp up its investment in Bitcoin mining and its Bitcoin self-custody wallet Bitkey. The company goals to grow to be a pacesetter in bitcoin mining, citing strong market fit and a strong demand pipeline.
To prioritize these goals, Block said it could scale down its investment within the music streaming app Tidal and wind down its decentralized web project TBD. The shift got here alongside recent layoffs at Tidal and TBD.
The move got here after the corporate announced it had accomplished the event of its advanced three-nanometer (3nm) Bitcoin mining chip. Following the achievement, Block desires to deal with constructing a full Bitcoin mining system.
The system goals to leverage Block’s expertise in product and software development, system engineering, supply chain management, and aftermarket support to create a comprehensive mining solution.
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