Key insights
- Square (Block) has enabled 1 million US merchants to accept Bitcoin payments, aiming to expand BTC's use in everyday commerce. Merchants receive USD by default, mitigating volatility. This initiative could incrementally boost Block's transaction volumes and influence broader cryptocurrency adoption, but its immediate impact on US equities is limited.
Square has crossed 1 million U.S. merchants enabled to accept bitcoin payments, giving Block Inc.’s (NYSE: $XYZ) payments network a larger test for Bitcoin (CRYPTO: $BTC) at the point of sale.
The milestone follows Square’s automatic rollout of bitcoin payments for eligible U.S. sellers, with activations peaking at about one new business every eight seconds. Customers can pay in bitcoin through the Lightning Network while merchants receive U.S. dollars by default, keeping price volatility out of the checkout experience.
For Block, the rollout extends a longer effort to move bitcoin beyond trading and savings into everyday commerce. Square first outlined the payment push at Bitcoin 2025 in Las Vegas, saying its point-of-sale app would allow merchants to accept bitcoin directly via Square hardware, enabling near-instant, low-cost transactions.
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Square frames the offer around zero processing fees through 2026, near-instant access and no traditional chargebacks. Sellers can settle bitcoin payments in either dollars or bitcoin, and eligible Square merchants can separately convert up to 50% of their eligible daily sales revenue into bitcoin through the Square Dashboard.
The structure keeps the customer-facing payment simple while leaving the operating layer inside Square’s merchant dashboard. A shopper pays from a Lightning-enabled wallet, including Cash App, and the seller sees the transaction in standard Square reporting, denominated in dollars and marked as a bitcoin payment.
Bitcoin Product Lead Miles Suter has framed the rollout as part of Block’s push to make bitcoin usable rather than passive, saying BTC “must circulate” if it is going to function as peer-to-peer cash.
The milestone does not guarantee that shoppers will suddenly spend bitcoin at scale. It does, however, put a bitcoin payment option in front of a much larger base of merchants without asking each business to build crypto infrastructure on its own.
For payments, the read is practical: Bitcoin adoption is moving less through standalone crypto apps and more through checkout systems already sitting inside small-business commerce.
Block Inc. (NYSE: XYZ) stock is currently trading at $70.49 U.S. per share.