Block (NYSE: XYZ) is an innovator within the world of financial services. Its Square segment, for example, provides numerous products, services, and software solutions specifically for merchants that have historically been underserved by the industry. The platform helps these sellers run their businesses better, supporting their ultimate success.
Recently, this fintech stock introduced a groundbreaking feature for its Square customers. In doing so, Block is trying to prove that the ultimate cryptocurrency has a real use case. Will this move work?
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Further tapping into the Bitcoin ecosystem
In 2018, Block’s Cash App segment, which is a personal finance platform for individuals, introduced Bitcoin (CRYPTO: BTC) trading. This move was clear evidence that the business was a forward thinker. Bitcoin’s value has grown to a $1.2 trillion asset today, even though its price trades about 50% below its record.
Block isn’t done dabbling in the Bitcoin waters. In March, the Square segment enabled all its qualifying U.S. merchants (except those in New York) to accept Bitcoin payments at checkout. There are more than 4 million Square sellers, so this launch was certainly a notable development with a large addressable audience.
This move was a major advancement for Bitcoin penetration. According to River Financial, the number of merchants accepting the crypto for transactions was around 6,500 in North America at the end of 2025. This single solution from Block can be a gigantic move forward.
This move is yet another step by Block toward its Bitcoin ambitions. Besides the mentioned Cash App trading and Square payments acceptance, the business sells a Bitcoin hardware wallet called Bitkey and mining equipment under the Proto name. Through Spiral, the company also funds open-source projects.
It’s still early
During the first quarter (ended March 31), Bitcoin activities only accounted for 2.3% of Block’s total gross profit. The leading cryptocurrency won’t move the company’s financial performance in any meaningful way anytime soon.
But progress is being made. According to Bitcoin Magazine, citing a Block employee, 1 million sellers activated Bitcoin functionality as of mid-May.
It’s still so early. If adoption among Square sellers takes off, however, while customers use it to transact, it’s a bullish signal for Bitcoin. Other payment companies might also copy this playbook.