Florida Legislators Revive Efforts to Establish State Bitcoin Reserve

Florida Introduces New Legislation for a Strategic Cryptocurrency Reserve

Less than a year after Florida's previous efforts to establish a state-level Bitcoin reserve stalled, lawmakers are once again pursuing the creation of a strategic cryptocurrency reserve through a newly proposed bill.

On Tuesday, Representative John Snyder introduced HB 1039, following two earlier proposals—HB 487 and SB 550—that were withdrawn last year. Those previous bills aimed to allocate up to 10% of Florida’s funds into Bitcoin.

This latest proposal differs from its predecessors by placing the reserve outside the state treasury, with oversight and management entrusted to Florida’s chief financial officer.

“The Florida Strategic Cryptocurrency Reserve is established as a special fund outside the State Treasury. The Chief Financial Officer has custody of and shall administer and manage the reserve,” the bill states.

“To administer and manage the reserve, the Chief Financial Officer may acquire, exchange, sell, supervise, manage, or retain any kind of investments that a prudent investor exercising reasonable care, skill, and caution would,” the bill continues.

Although the bill does not specifically mention Bitcoin, its requirements stipulate that any asset in the reserve must have maintained a market capitalization of at least $500 billion over the past two years. Currently, Bitcoin is the only cryptocurrency that meets this threshold, with a market cap exceeding $1.8 trillion. The next closest, Ethereum, has a market cap of approximately $377 billion.

While several states considered similar legislation last year, only New Hampshire, Arizona, and Texas successfully enacted laws to create cryptocurrency reserves. According to BitcoinReserveMonitor.com, at least five similar bills were rejected, and several others remain under consideration.

Florida’s Motivation for a Crypto Reserve

The bill outlines several reasons for establishing the reserve, including strengthening the state’s financial stability, providing a safeguard against inflation and economic uncertainty, and enhancing financial protection for Florida residents.

In addition to the reserve itself, the legislation proposes forming an advisory committee on cryptocurrency reserves. This committee would be chaired by the state CFO and include four additional members, with at least three possessing experience in cryptocurrency investment.

If approved, the act would take effect on July 1, 2026. A spokesperson for Representative John Snyder’s office did not immediately respond to Decrypt’s request for comment.