Catenaa, Tuesday, January 13, 2025- Florida lawmakers have introduced a bill that would authorize a state-managed bitcoin reserve, making Florida the latest US state to consider placing the cryptocurrency on its balance sheet ahead of the 2026 legislative session.
Senate Bill 1038 would create a Florida Strategic Cryptocurrency Reserve overseen by the state’s chief financial officer.
The proposal establishes a separate reserve with its own custody standards, reporting rules and advisory committee, rather than allowing bitcoin investments across existing public funds.
Under the bill, the chief financial officer would be allowed to purchase cryptocurrencies with an average market capitalization of at least $500 billion over the previous 24 months. That threshold currently limits eligibility to bitcoin.
The measure is sponsored by Republican state Sen. Joe Gruters. His office did not immediately respond to a request for comment.
Florida lawmakers have weighed similar proposals in recent years. Companion House and Senate bills during the 2025 session that would have permitted limited bitcoin investments from public funds failed to advance out of committee and expired before passage.
A separate House bill filed in October by Republican Rep. Webster Barnaby remains pending for the 2026 session.
That proposal would allow the chief financial officer and other public entities to allocate up to 10% of certain state and local funds to digital assets and related exchange-traded products, a broader approach that includes pensions and trust funds.
Gruters’ bill takes a narrower path by isolating bitcoin holdings within a dedicated reserve instead of changing how public funds are invested.
The proposal follows similar efforts in other states. Texas approved a bitcoin reserve last year, while New Hampshire and Arizona have adopted more limited frameworks governing how public entities may hold bitcoin.
