Block, Inc., the financial services firm led by Jack Dorsey, is bringing Bitcoin payments to its widely used Square platform, with initial rollout set for late 2025 and full deployment by 2026, pending regulatory approvals.
Announced during the Bitcoin 2025 conference in Las Vegas on May 27, the feature was demonstrated live at the BTC Inc. merchandise store. Through Square’s existing hardware, merchants will soon be able to accept Bitcoin payments using the Lightning Network—a layer-2 solution built to enable faster and more cost-efficient Bitcoin transactions.
Dorsey, announcing the move on X, emphasized that sellers will have the flexibility to either retain their Bitcoin earnings or automatically convert them to fiat currency in real time.
spend your bitcoin at @Square terminals.
merchant can choose to hold the bitcoin, or auto-convert it to fiat in real-time.
try it at bitcoin 2025 today. rolls out to more sellers this year. https://t.co/RWf6PV5Z2a
— jack (@jack) May 27, 2025
“This is about economic empowerment for merchants who like to have options when it comes to accepting payments,”
said Miles Suter, Block’s Bitcoin Product Lead. The initiative builds upon Square’s existing BTC Conversions feature, which already allows merchants to convert a portion of their sales into Bitcoin.
From the consumer perspective, the process remains frictionless. Payments can be made simply by scanning a QR code, with Square managing the backend and the Lightning Network ensuring near-instant settlements.
Block also revealed plans to upgrade its self-custody Bitcoin wallet, Bitkey, introduced in late 2023. Starting this month, Bitkey will integrate enhanced privacy and security capabilities aimed at simplifying self-custody for users by eliminating the need for traditional seed phrases.
During the event, Dan Edwards, COO of fast food chain Steak n’ Shake, shared real-world benefits of accepting Bitcoin. According to Edwards, the chain has halved its payment processing costs since adopting Bitcoin, thanks to lower fees compared to credit cards.
“Our experience so far with Bitcoin has been that it is faster than credit cards,”
Edwards said.
“When customers choose to pay in Bitcoin, we’re saving about 50% in processing fees. It’s a win for the customer, a win for us as merchants, and a win for the Bitcoin community.”
Steak n’ Shake officially began accepting Bitcoin at all its global locations on May 16, following an announcement earlier in the month.
Block’s expanded commitment to Bitcoin payments signals a broader push toward mainstream adoption, offering merchants and consumers alike a faster, cheaper alternative to legacy payment systems.
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