Block Applies to Establish Builders Bank, a National Trust Bank

Block is seeking an OCC national trust bank charter for Builders Bank to centralize and regulate its digital asset custody activities.

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DISTRIBUTED-WORK-MODEL/OAKLAND, Calif.--(BUSINESS WIRE)-- Block, Inc. (NYSE: XYZ) today announced that it has submitted an application to the Office of the Comptroller of the Currency (“OCC”) to establish Builders Bank & Trust, N.A. (“Builders Bank”), an uninsured national trust bank.

If approved, Builders Bank would operate as a federally regulated national trust bank under OCC supervision and would provide custody and related fiduciary services, including for bitcoin and stablecoins. The charter would allow Block to support these activities through a consistent national framework as the business scales. Builders Bank would be an uninsured, non-deposit-taking national trust bank and would not accept deposits or make loans. The proposed charter would establish a federal supervisory framework for certain custody and related activities currently offered by Block.

“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 President and CEO of Builders Bank. “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.”

Woolley currently serves as Digital Asset Strategy Lead at Block and has more than two decades of banking and financial services experience. He previously served as President and CEO of Treasury Department Federal Credit Union and held senior banking leadership roles at Northern Trust and BNY Mellon.

The application is subject to review and approval by the OCC. Builders Bank would not commence operations unless and until it receives the required regulatory approvals.

About Block

Block, Inc. (NYSE: XYZ) builds technology to increase access to the global economy. Each of our brands unlocks different aspects of the economy for more people. Square makes commerce and financial services accessible to sellers. Cash App is the easy way to spend, send, and store money. Afterpay is transforming the way customers manage their spending over time. TIDAL is a music platform that empowers artists to thrive as entrepreneurs. Bitkey is a simple self-custody wallet built for bitcoin. Proto is a suite of bitcoin mining products and services. Together, we’re helping build a financial system that is open to everyone. Block.xyz

View source version on businesswire.com: https://www.businesswire.com/news/home/20260908865240/en/

Media Contact

press@block.xyz

Investor Relations Contact

ir@block.xyz

Source: Block, Inc.

Key Terms

national trust bank regulatory

A national trust bank is a financial institution chartered to hold, manage and safeguard assets on behalf of individuals, companies or estates, often under a national-level license and oversight. Think of it as a professional custodian or legal guardian for money and securities; for investors it matters because these banks earn steady fee income from managing assets, offer perceived regulatory stability, and can affect credit risk and liquidity for parties that rely on their custody and trust services.

fiduciary services financial

Fiduciary services are professional duties where a person or firm legally and ethically must act in the best financial interest of a client—like a trusted guardian managing someone’s money rather than promoting what’s best for themselves. For investors this matters because fiduciaries must avoid conflicts, disclose fees and prioritize client outcomes, which can lower the risk of harmful advice, reduce hidden costs and increase confidence in how assets are managed.

non-deposit-taking financial

A non-deposit-taking firm is a financial business that does not accept customer deposits insured or held like a bank account; instead it funds operations through loans, investor capital, fees, or wholesale borrowing. Investors care because such firms face different regulatory rules, liquidity profiles, and funding risks than banks—think of them as businesses that provide financial services without holding customer savings, which affects how stable their cash flows and obligations can be.