Block’s Dual Strategy for Crypto Growth

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• Jack Dorsey confirms Bitcoin payments for Bitkey and Square; integration requires technical work, no launch date provided.
• Block prioritizes Bitcoin mining, develops 3nm chip for efficient systems, reduces Tidal and TBD projects to allocate resources.

Jack Dorsey, co-founder of financial technology company Block, has confirmed that Bitcoin payment integration is in active development for Bitkey and Square. His statement followed a user’s inquiry on social media platform X regarding delays in enabling Bitcoin across Block’s services. Dorsey clarified that the process is complex, countering assumptions that it requires minimal effort. While reaffirming Block’s dedication to Bitcoin adoption, he declined to specify a launch date.

not a simple flip of a switch but we are doing it

— jack (@jack) April 3, 2025

Block, originally established by Dorsey and Jim McKelvey as a point-of-sale provider, now oversees multiple platforms, including Cash App, Afterpay, and Bitkey—a self-managed Bitcoin storage device released in late 2023. Bitkey allows users to hold Bitcoin independently, bypassing third-party intermediaries. The wallet’s launch followed Square’s expansion into broader financial tools, though Block has since shifted attention toward Bitcoin-related ventures.

Public records show Block holds approximately 8,485 Bitcoin, valued at over $700 million. Last November, the company outlined plans to deepen its Bitcoin mining investments while reducing support for non-core projects like music service Tidal and decentralized web initiative TBD. Workforce reductions accompanied this strategic adjustment.

Block recently finalized designs for a three-nanometer Bitcoin mining chip, a technical advancement intended to bolster its mining capabilities. The company aims to combine hardware production, software development, and supply chain management to build a full-scale mining system. This aligns with broader goals to establish leadership in Bitcoin infrastructure, emphasizing practical applications over experimental ventures.

Dorsey’s long-standing advocacy for Bitcoin continues to shape Block’s direction. By prioritizing mining and self-custody tools, the firm seeks to address growing demand for accessible, user-controlled financial solutions.

However, the absence of a timeline for Bitcoin payments highlights challenges in balancing ambition with execution—a reality Dorsey openly acknowledges. As competitors explore alternative technologies, Block’s focus remains fixed on refining Bitcoin’s utility in everyday transactions.