Florida Takes Another Shot at Bitcoin Reserve After Last Year’s Flop

TLDR

• Florida lawmakers filed Senate Bill 1038 to create a state Bitcoin reserve managed by the chief financial officer, outside the state treasury
• The bill requires assets to maintain a $500 billion market cap over two years, which currently only Bitcoin meets at $1.8 trillion
• This follows failed 2025 attempts that proposed allocating up to 10% of state funds into Bitcoin and broader crypto assets
• Only New Hampshire, Arizona, and Texas passed Bitcoin reserve legislation in 2025, while at least five states rejected similar bills
• The reserve aims to hedge against inflation and enhance financial resilience, with oversight from a cryptocurrency advisory committee

Florida lawmakers introduced a fresh attempt to establish a state Bitcoin reserve on Tuesday. The new bill takes a different approach from earlier versions that failed in 2025.

Representative John Snyder filed House Bill 1039 to create the Florida Strategic Cryptocurrency Reserve. The proposal places management under the chief financial officer rather than the state treasury.

Previous Attempts Failed on Broader Scope

Florida tried twice in 2025 to launch crypto reserves. House Bill 487 and Senate Bill 550 both sought to put up to 10% of state funds into Bitcoin.

Lawmakers withdrew both bills before passage. Critics raised concerns about exposing taxpayer money to crypto price swings and mixing Bitcoin with other digital assets.

The new version strips away those controversial elements. It creates a separate fund outside the main state treasury. This structure gives the chief financial officer direct control over reserve management.

The bill text allows the CFO to acquire, exchange, sell, supervise, manage, or retain investments. The language requires prudent decision-making but does not name specific cryptocurrencies.

However, the market cap requirement makes the choice clear. Assets must maintain at least $500 billion in market value over a two-year period.

Bitcoin currently holds a market cap above $1.8 trillion. Ethereum, the second-largest cryptocurrency, sits around $377 billion. No other digital asset comes close to meeting the threshold.

Other States Move First on Bitcoin Reserves

Florida joins a growing list of states exploring Bitcoin reserves. New Hampshire, Arizona, and Texas passed legislation to create reserves in 2025.

At least five other states rejected similar bills last year. Multiple states still have pending legislation under review, according to BitcoinReserveMonitor.com.

The Florida bill outlines three main goals. First, it aims to enhance the state’s financial resilience during economic uncertainty. Second, it positions Bitcoin as a hedge against inflation and market volatility.

Third, the reserve would provide financial security to Florida residents. Supporters compare Bitcoin to digital gold because its supply remains fixed at 21 million coins.

The bill also creates a cryptocurrency reserve advisory committee. The state CFO leads the committee and selects four additional members. At least three committee members must have cryptocurrency investing experience.

What Happens Next

House Bill 1039 cleared its initial filing step. The legislation now moves to committee hearings where lawmakers will debate its merits.

A companion bill may surface in the state senate. Both chambers must approve the legislation before it reaches the governor’s desk.

If passed, the CFO must report reserve holdings starting in late 2026. The reporting requirement adds transparency to how the state manages Bitcoin assets.

The bill does not set specific purchase amounts or timelines. Florida would determine investment size based on market conditions and available funds.

Bitcoin traded near recent price levels as news of the bill spread. Markets showed no immediate reaction to the Florida proposal.

The post Florida Takes Another Shot at Bitcoin Reserve After Last Year’s Flop appeared first on CoinCentral.