Block Launches $1 Million Bitcoin Day Giveaway Across Cash App, Square, and Bitkey
In a significant move to drive mainstream adoption of Bitcoin, Block—the financial technology company founded by Jack Dorsey—has launched “Bitcoin Day.” This promotional campaign, running from April 6 through April 10, 2024, offers a total of $1 million in Bitcoin bonuses to users who engage with the digital asset through its ecosystem of products: Cash App, Square, and the Bitkey self-custody wallet.
How the Bitcoin Day Campaign Works
The campaign is designed to incentivize three specific user actions, each tied to a core function of Block’s Bitcoin-focused services. Users who complete at least one of the following actions will receive an instant bonus credited directly to their Cash App Bitcoin balance:
- Buy Bitcoin on Cash App: Users can purchase the digital asset through the popular peer-to-peer payment app.
- Spend Bitcoin at Square Merchants: Participating businesses using Square’s point-of-sale system will accept BTC payments.
- Self-Custody via Bitkey: Users can move Bitcoin into the Bitkey hardware wallet app, promoting secure, personal ownership.
A key feature is the ability to stack rewards. By completing all three actions, a single user can earn a maximum total of $80 in Bitcoin bonuses. The campaign will end earlier than April 10 if the full $1 million in bonus allocations is claimed.
Eligibility and Geographic Restrictions
Participation is limited to ensure compliance with financial regulations. Interested users must meet several criteria:
- Be at least 18 years of age.
- Possess a verified U.S. address.
- Hold a Cash App account in good standing with completed KYC (Know Your Customer) verification.
Notably, while New York residents are permitted to buy Bitcoin through Cash App, they are excluded from the spending and self-custody components of the promotion. This restriction aligns with the state’s stringent regulatory framework for cryptocurrency activities.
Block’s Substantial Bitcoin Holdings Underscore Commitment
The campaign aligns with Block’s long-standing, public advocacy for Bitcoin. The company’s own balance sheet reflects this commitment. According to public filings and blockchain analytics, Block currently holds 8,883 BTC, a stash valued at approximately $616 million based on recent market prices. This position ranks Block as the 14th-largest holder of Bitcoin among publicly traded companies globally, a list tracked by firms like CoinShares and frequently cited in financial media.
This substantial corporate treasury holding, acquired through consistent investment, provides a tangible foundation for the company’s educational and promotional efforts around the asset.
Promoting Education and Secure Ownership
Beyond the immediate financial incentive, Bitcoin Day appears strategically aimed at addressing two critical adoption hurdles: encouraging active use of Bitcoin as a medium of exchange and promoting the practice of self-custody. The latter is a particularly important message from Block, which has consistently emphasized the principle of “not your keys, not your coins.” By rewarding movement into Bitkey, the campaign nudges users away from leaving assets on centralized exchanges.
The integration across purchase (Cash App), spending (Square), and secure storage (Bitkey) creates a closed-loop demonstration of Bitcoin’s utility within a single corporate ecosystem. For users, it offers a low-risk, guided opportunity to interact with multiple facets of the Bitcoin economy.
As with any promotional offering, potential participants should review the full terms and conditions on the official Cash App or Block websites. The limited-time nature and early closure clause add urgency, but users are advised to engage only if it aligns with their own financial strategies and understanding of cryptocurrency volatility.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
