Jack Dorsey's Bitcoin- (BTC) centric financial services company, Block, Inc. (NYSE: XYZ), announced on Sep. 8 that it has applied to the Office of the Comptroller of the Currency (OCC) to lau
Jack Dorsey's Bitcoin- (BTC) centric financial services company, Block, Inc. (NYSE: XYZ), announced on Sep. 8 that it has applied to the Office of the Comptroller of the Currency (OCC) to launch a national trust bank.
Called the Builders Bank & Trust, N.A., or Builders Bank, it would provide custody and related fiduciary services, including for Bitcoin and stablecoins.
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Builders Bank would be an uninsured bank and not accept deposits or make loans.
“Building on Block’s experience in the digital asset space, our history with Square Financial Services, and the deep banking expertise of the team we’ve assembled, we believe Builders Bank is well positioned to support Block’s broader vision of economic empowerment,” said Lee Woolley, who would serve as the bank's President and CEO. “We look forward to working with the OCC as we pursue a charter designed to support the secure custody of assets for Block and its customers.”
Dorsey is a well-known Bitcoin advocate, and no wonder Block has integrated Bitcoin into several of its products:
In the application, the company said it has operated regulated digital asset services for approximately eight years and currently conducts its digital assets business under more than 50 state money transmitter licenses and virtual currency licenses.
Through its digital asset offerings such as Cash App Bitcoin and Square Bitcoin, Block facilitated approximately $10.7 billion in annual Bitcoin transaction volume in fiscal year 2025, it said. As of Q2 2026, the company serves approximately two million digital-asset monthly transacting actives through Cash App.
Block said it aims to offer custody of Bitcoin and other digital assets, execute customer buy, sell, deposit, withdraw, and transfer orders for digital assets, and stablecoin settlement and transfer services during the three-year de novo period.
The de novo period refers to the initial three-year supervisory window during which newly chartered banks operate under heightened oversight by regulatory bodies.
Following the latest announcement, the Block stock slipped more than 2% to trade at $78.20 at the time of writing.
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