Square Hits 1 Million Merchants Accepting Bitcoin Payments as Real-World Adoption Surges

Block Inc.’s (NYSE: XYZ) Square has achieved a major milestone, enabling over 1 million merchants to accept Bitcoin payments. The milestone was announced by a Block team member and reflects a rapid auto-enrollment campaign that began on March 30, 2025.

During the rollout, Square automatically activated Bitcoin payment capabilities for eligible U.S. sellers. At its peak, a new business enabled Bitcoin payments every eight seconds. The initiative leverages the Lightning Network to process transactions near-instantly, while merchants receive settlements in U.S. dollars by default. This eliminates currency risk and allows sellers to opt out if desired.

Customers can now pay in Bitcoin via Lightning, while merchants continue to receive USD settlements. The system handles real-time conversion in the background, ensuring seamless transactions for both parties.

Bitcoin as Everyday Money: Block’s Expanded Vision

At the Bitcoin Conference in Las Vegas, Block outlined its strategy to position Bitcoin as a practical, everyday currency rather than just a long-term investment. Speaking on the Nakamoto Stage, Bitcoin Product Lead Miles Suter emphasized that Bitcoin “must circulate, not just sit still,” arguing that its transformational value depends on its use as peer-to-peer cash.

Suter highlighted Block’s growing adoption metrics, noting that over 800,000 Square merchants had Bitcoin payments auto-enabled at the time of the announcement. The company also revealed that a new business activated the feature every eight seconds during the peak of the rollout.

Block is further expanding Bitcoin usability with a new tap-to-pay BTC feature using NFC hardware and the Lightning Network. This eliminates the need for QR codes and offers zero processing fees through 2026.

Integrating Bitcoin Across Block’s Ecosystem

Block’s broader strategy includes deepening Bitcoin integration across its platforms. Key features include:

• Cash App users can automatically convert peer-to-peer payments into Bitcoin.
• Users can earn 5% Bitcoin Back rewards at Square merchants.
• Withdrawal limits have been increased to $10,000 per day and $25,000 per week.

Additionally, Block introduced an updated Bitkey hardware wallet, featuring a touchscreen and a 2-of-3 multisig security model designed to simplify self-custody for Bitcoin users.

Block Releases Q1 2026 Proof-of-Reserves Report

Alongside these product announcements, Block released its Q1 2026 proof-of-reserves report, confirming holdings of 28,355.05 BTC, valued at approximately $2.2 billion.