Manage your bitcoin wallet
About managing your bitcoin wallet
With Square you can manage your bitcoin holdings and withdraw your bitcoin directly from your Square Dashboard. You can also transfer bitcoin to external wallets with flexible timing options and purchase and sell bitcoin.
Square’s bitcoin wallet eliminates the need for external bitcoin wallets or third-party services, keeping your bitcoin management secured within Square Dashboard. It uses the same security protections as your Square account and point of sale, including two-step verification, password reset tools, and access to Square Support.
When you hold bitcoin in your Square’ bitcoin wallet, Square is the custodian of those funds and your bitcoin is managed inside your Square account. When you withdraw to an external or self-custody wallet, you control that wallet directly. This gives you more control but also makes you responsible for securing your wallet and keeping any recovery information safe.
Before you begin
Bitcoin wallet features are currently available to eligible sellers in the United States and aren’t available to sellers based in New York or U.S territories.
Ensure you’ve completed setting up your bitcoin conversions before trying to sell or withdraw bitcoin. Learn how to convert sales into bitcoin.
Bitcoin transactions are irreversible once they've been submitted.
Bitcoin values fluctuate and may result in gains or losses that are outside of Square’s control.
Multi-location businesses require individual setup for bitcoin wallets for each location.
Fees for buying and selling bitcoin is a 1% base fee plus 0.25% of the transaction, or a total of 1.25% fee. Learn about Square fees.
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Fees for withdrawing bitcoin depend on the withdrawal speed:
Standard withdrawal : Free
Rush withdrawal: $2 plus a network transaction fee
Priority withdrawal: $3 plus a network transaction fee
You can buy bitcoin in your Square bitcoin wallet and withdraw it to external wallets. At this time, you can’t transfer bitcoin from an external wallet into your Square bitcoin wallet.
Manage your bitcoin wallet
You can view, track, and withdraw your bitcoin directly from Square Dashboard. To access your bitcoin wallet:
Sign in to Square Dashboard and go to Banking.
From the Bitcoin section, you can view your current bitcoin balance, USD equivalent, withdrawal limits, and recent activity.
Click on individual transactions to see detailed information.
Buy or sell bitcoin
You can purchase up to $100,000 in bitcoin per week with available funds as a one-time buy at market price.
There is no limit for selling your bitcoin. When selling bitcoin, you have two settlement options:
All proceeds from the sale will be instantly added to your Square Checking or Savings balance; or
All proceeds from the sale will be settled to your linked bank account through your existing settlement schedule.
Buy bitcoin
- Sign in to Square Dashboard and go to Banking.
- From the Bitcoin tab, click + Buy.
- Indicate the amount of bitcoin you want to buy and which account you want to buy from > Next.
- Review your transaction details and click Confirm.
- Enter your verification code > Done.
Sell bitcoin
When selling Bitcoin, you will need to enter Taxpayer Identification Number (TIN). Your TIN can either be an Employer Identification Number (EIN) or Social Security Number (SSN). Make sure to enter your TIN as 9 digits with no dashes (e.g., 123456789, not 12-3456789). Use your SSN if you're a sole proprietor, or your EIN if you have an LLC, Corporation, or Partnership. If you’re having trouble updating your EIN, learn how to update the Taxpayer Identification Number.
- Sign in to Square Dashboard and go to Banking.
- From the Bitcoin tab, click Sell.
- Indicate the amount of bitcoin you want to sell and which account you want to sell from > Next.
- Review your transaction details and select Confirm.
- Enter your verification code and click Verify > Done.
Withdraw bitcoin to external wallets
You can withdraw bitcoin from your Square wallet to an external bitcoin wallet. To do so:
Sign in to Square Dashboard and go to Banking.
From the Bitcoin section, click Send and enter the amount you want to withdraw.
Enter the destination bitcoin wallet address.
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Choose your withdrawal speed:
Standard: 24 hours or less.
Rush: 2 hours or less.
Priority: 10 minutes or less.
Complete two-factor authentication.
Review withdrawal details and click Confirm Withdrawal.
Bitcoin withdrawal limits are as follows:
Daily limit: $15,000
Weekly limit: $50,000
You can view your current usage toward limits in the Bitcoin section of Square Dashboard. Certain withdrawals may require additional verification to ensure compliance with applicable regulations.
General reporting
Square does not provide automated monthly Bitcoin statements. If you’re looking for reporting for your Bitcoin wallet to view all transactions related to Bitcoin, you can access relevant information in the following place. The exported CSV file can be used for bookkeeping purposes or shared with your CPA for reconciliation.
Go to Banking > Bitcoin > Recent Activity > Export to find all Bitcoin-related transactions.
Go to Banking > Balances to view Bitcoin transfers. Select a specific day to see a detailed breakdown of transfers, including the total amount of Bitcoin collected.
Tax reporting for your Bitcoin wallet
When you sell your bitcoin, we file a Form W-9 with the IRS to report any income earned through your wallet. We use your TIN as 9-digit without dashes (for example, 123456789, not 12-3456789). The information is pulled from the details you provided when confirming your business identity during onboarding. If you’re having trouble updating your EIN, learn how to update the Taxpayer Identification Number.
Also, the digital asset transactions may be reported to the IRS on Form 1099-DA, as required under applicable tax regulations. Learn how to Download Form 1099-DA and learn more from our tax guide.