Block Inc. Applies for National Trust Bank Charter to Expand Crypto Services
On September 8, Block Inc., the company founded by Jack Dorsey and focused on Bitcoin-related services, announced it has applied to become a national trust bank with the Office of the Comptroller of the Currency (OCC). The proposed entity, Builders Bank & Trust, N.A., will provide custody and fiduciary services for digital assets like Bitcoin and stablecoins. It is not intended to accept deposits or issue loans. Block emphasized its experience in regulated digital asset services over eight years and currently operates under more than 50 state licenses related to virtual currency. The company reported $10.7 billion in annual Bitcoin transaction volume through products such as Cash App and Square during fiscal year 2025, with around two million monthly active users of its digital-asset offerings. The bank will operate for three years under a de novo period, which involves heightened regulatory oversight. Following the announcement, Block's stock fell more than 2%, trading at $78.20.
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Topics: bitcoin block_inc crypto_banking regulatory_application