Block, formerly Square, has launched a self-custodial Bitcoin wallet called Bitkey. The device enables users to control their private keys, offering direct custody of their assets. Integrations with Coinbase and Cash App allow users to purchase Bitcoin directly using the wallet. Tools are in place to recover funds even if users lose their devices.

Block, the parent company of Square and Cash App, is under investigation over alleged sanctions, violations, and other regulatory issues. Whistleblowers complained that the company processed transactions linked to sanctioned countries and terrorist organizations, with thousands of suspicious transactions going unreported. Block states that it did not intentionally or knowingly violate sanctions.

Block reported first-quarter revenues of $5.97 billion and an adjusted profit of 85 cents per share, surpassing expectations. It announced plans to allocate 10% of gross profit from bitcoin transactions into bitcoin each month and is open-sourcing its "crypto treasury blueprint" to help other companies manage its crypto assets.

Block, the parent company for Cash App and Square created by Twitter co-founder Jack Dorsey, dedicated its shareholder letter to explaining why it focuses on Bitcoin instead of crypto and Web3. Block believes Bitcoin is the best option for the internet's native currency. Its strategy focuses on making it accessible through Cash App, secure through creating mining hardware, and usable through mobile on- and off-ramps.

Publicly-listed companies are increasingly adding Bitcoin to their balance sheets, a trend that has gained momentum since the cryptocurrency's all-time high in March 2024. Notably, six companies, including five publicly traded ones, have collectively purchased approximately 48,836 BTC during this period, with an estimated expenditure of around $3.09 billion. This investment is now valued at approximately $3.1 billion. MicroStrategy, a data intelligence firm, has been a significant player in this trend, accounting for 97% of the Bitcoin acquired by these corporations, while the others, including Block, Metaplanet, Semler Scientific, OneMedNet, and Real Bedford FC, contributed about $92.7 million. The price of Bitcoin has seen fluctuations, retracing as much as 27% from nearly $73,740 to $53,900. While the exact purchase prices for these acquisitions are difficult to pinpoint, estimates suggest that companies likely spent around $63,250 per coin. Since MicroStrategy's initial Bitcoin purchase in August 2020, at least fifteen companies have added Bitcoin to their balance sheets, with the actual number likely being higher. This includes various firms across different sectors, from e-commerce to gaming, reflecting a growing acceptance of Bitcoin as a legitimate asset. The trend of corporate Bitcoin purchases is accelerating, with at least 32 companies making acquisitions in 2024 alone, compared to just nine in 2023. This surge indicates a broader institutional interest in Bitcoin, with many companies adopting strategies similar to MicroStrategy's. In the broader cryptocurrency market, Bitcoin's price has recently dipped below $65,000, settling around $63,572, while Ether is trading at $2,616. Despite this, a significant portion of altcoins tracked by ETC Group has outperformed Bitcoin, and overall market sentiment appears bullish, as indicated by the Cryptoasset Sentiment Index reaching its highest level since March 2024. In a notable development, Changpeng Zhao, co-founder of Binance, has been released from federal custody after serving a four-month sentence. Following his release, Zhao expressed satisfaction with Binance's operations under new CEO Richard Teng, indicating that the exchange is performing well without his direct involvement. As part of his plea deal, Zhao is barred from managing Binance for three years and has shifted his focus towards investing in blockchain technology and education initiatives, including a nonprofit platform aimed at providing free education. Additionally, the cryptocurrency landscape is evolving, with Japan considering a review of its crypto oversight rules, potentially paving the way for the introduction of ETFs. This shift reflects a broader trend of regulatory adaptation to the growing demand for cryptocurrency investment products, signaling a more favorable environment for digital assets in Japan. Overall, the increasing participation of publicly-listed companies in Bitcoin acquisition, alongside regulatory developments and the evolving roles of key figures in the crypto space, highlights a significant transformation in the cryptocurrency market.