Square Turns On Bitcoin Payments for US Merchants
Merchants on Square's network must decide whether to keep Bitcoin acceptance active as the default setting takes hold.
Updated on Nov. 2, 2026 in Remote Work
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Block's Square began auto-enabling Bitcoin payments for eligible US merchants on March 30, 2026, with more than 4 million merchants enrolled, up from roughly 1 million who accepted Bitcoin before the switch. The change applies to merchants outside New York, Georgia, Hawaii, and Wyoming, and the same period brought a workforce cut of roughly 40% at Block.
Why it matters
Merchants on Square's network now have Bitcoin acceptance turned on by default, with same-day conversion to US dollars, so operators must decide whether to keep or disable it. The rollout came alongside Block's reduction of its headcount from more than 10,000 to just under 6,000 employees, a restructuring Block describes as building a smaller, flatter, AI-first organization.
Square reports more than 4 million merchants now enrolled in Bitcoin acceptance, up from roughly 1 million who accepted it before the default change. Block is cutting about 40% of its workforce through 2026, from more than 10,000 to just under 6,000 employees.
The players
Block, Inc.
Block operates Square, the payments and point-of-sale platform serving small merchants, and is restructuring to a smaller workforce.
Square
Square is Block's merchant payments and point-of-sale platform, used by a large base of small US businesses.
The details
Customers pay with Bitcoin at the register over the Lightning Network, and Square converts each payment to US dollars and settles it the same day by default. Block waived Bitcoin processing fees through the end of 2026, and merchants can keep up to 50% of eligible daily revenue in BTC. The rollout reaches full availability across Square's network by November 10, 2026.
Timeline
March 30, 2026: Square began auto-enabling Bitcoin payments for eligible US sellers.
2026: Block's workforce reduction of roughly 40% is underway.
November 10, 2026: Bitcoin rollout reaches full availability across Square's network.
End of 2026: The zero Bitcoin processing fee waiver expires.
Market Landscape
Square's default enrollment moves Bitcoin acceptance from an opt-in option to a default setting on the Lightning Network, which settles payments as Bitcoin but converts them to dollars for the merchant. The change follows Block's broader reshaping of the company, with the workforce cut setting a leaner operating base for the platform.
Merchants using Square should review whether to keep Bitcoin acceptance active, weighing the waived processing fees through 2026 against the same-day dollar settlement. Operators should also confirm with their accounting or tax advisers how Bitcoin receipts are treated before the fee waiver ends.
The takeaway
Merchants should treat the default setting as a decision to review rather than accept, since the zero fee waiver expires at the end of 2026. Operators should bring their accounting or tax advisers into the discussion before deciding whether to keep Bitcoin acceptance on.
Further reading
Explore more remote work coverage for how workforce restructuring is reshaping operating teams across US businesses.
Source note: This article includes information reported by Startup Fortune.
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