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BTC Block, a subsidiary of Jack Dorsey, applied to establish a National Trust Bank, focusing on Bitcoin custody
Block, Inc, a financial services company founded by Jack Dorsey with Bitcoin as its core. (NYSE: SQ) announced on September 8 that it had submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank.
Positioning and service scope of the new bank
The company is called Builders Bank & Trust, N.A. (referred to as Builders Bank) will provide asset custody and related fiduciary services, including services for bitcoin and stablecoins. It is worth noting that Builders Bank will be an uninsured bank that will not take deposits from the public and will not make loans.
Lee Woolley, Block's vice president of digital assets, said: "Relying on Block's experience in digital assets, Square Financial Services 'historical heritage, and the deep banking expertise of our team, we believe that Builders Bank can well support Block's broader vision of' economic empowerment '." He added: "We look forward to working with the OCC to promote the approval of licenses designed to provide secure asset custody services to Block and its customers."
Block's Bitcoin Ecosystem Layout
Dorsey is a well-known Bitcoin advocate. Block has deeply integrated Bitcoin into multiple of its products:
- Cash App: A digital wallet application that allows users to invest in Bitcoin.
- Bitkey: A Bitcoin hardware wallet that supports self-hosting.
- Proto: A Bitcoin mining system.
- Square: A peer-to-peer sales system that supports Bitcoin payments.
Business Scale and Compliance Qualifications
In the application document, Block pointed out that the company has been operating regulated digital asset services for approximately eight years and currently holds currency transmission licenses and virtual currency licenses in more than 50 states across the United States to conduct digital asset business.
Block said that through digital asset products such as Cash App Bitcoin and Square Bitcoin, the company achieved approximately US$10.7 billion in annual bitcoin transaction volume in fiscal 2025. As of the second quarter of 2026, through Cash App, the company has approximately 2 million monthly active digital asset trading users.
Three-year transition period planning and market response
Block plans to provide custody services for bitcoin and other digital assets, execute customer purchase, purchase, deposit, withdrawal and transfer instructions, and provide stablecoin settlement and transfer services during the newly established three-year "de novo period." "Initial stage" refers to the initial three-year window period for newly licensed banks to accept strengthened supervision by regulators.
After the news was announced, Block's share price fell slightly by more than 2%, closing at US$78.20 per share at press time.
