Payment and cryptocurrency firm Block has filed an application with the Office of the Comptroller of the Currency. The goal is to establish a federally regulated national trust bank called Builders Bank & Trust. If approved, the charter would allow the company to provide custody and other fiduciary services for Bitcoin and stablecoins.
Jack Dorsey leads Block. The company operates the Cash and Square apps for payments and holds Bitcoin as an asset. This application positions Block alongside other crypto-focused firms. Those companies seek to expand their consumer offerings through traditional banking structures. Coinbase Global and Circle Internet Group are among the firms that have already received national bank charters in the United States.
The Office of the Comptroller of the Currency has received 40 bank charter applications since 2025. It has approved 21 of them. Block’s move reflects a broader trend of cryptocurrency companies integrating into the U.S. banking system. They aim to offer regulated financial products.
Despite this strategic expansion, Block’s stock has declined 68% over the last five years. It currently trades at $80.10 per share.