Florida moves toward Bitcoin-only strategic reserve
Florida lawmakers are advancing a proposal that would allow the state to establish a strategic cryptocurrency reserve, effectively limited to Bitcoin by design.
Senate Bill 1038, introduced by Republican Senator Joe Gruters, would authorize the state’s chief financial officer to purchase, hold, manage and liquidate cryptocurrency under rules similar to those governing public trust assets, reports Cointelegraph.
While the bill does not explicitly name Bitcoin, it restricts eligible assets to those with an average market capitalization of at least $500 billion over the past two years. That threshold currently leaves Bitcoin as the only qualifying asset. The reserve would be managed directly by the CFO rather than pension systems or external investment bodies. Supporters argue the structure reduces risk while allowing Florida to gain exposure to a scarce, widely recognized digital asset. The bill has been referred to a Senate appropriations committee and must clear multiple hearings before reaching a floor vote.
A narrower reset after broader crypto plans stalled
The Senate-led effort marks a clear departure from Florida’s earlier, broader crypto proposals that failed to gain traction in the House. In October 2025, lawmakers introduced legislation that would have allowed state entities to invest up to 10% of funds across a wide range of digital assets, including crypto securities, exchange-traded products and NFTs. That approach faced resistance over custody risks, valuation concerns and the potential exposure of pension and retirement funds. SB 1038 removes pensions entirely from the equation and instead creates a standalone reserve overseen by the CFO.
By narrowing eligibility through a strict market-cap rule, the bill mirrors strategies adopted in states like Texas and New Hampshire. Lawmakers backing the new proposal appear to be betting that a Bitcoin-only framework will be seen as more conservative and politically viable. The reset reflects a broader trend of states experimenting cautiously with Bitcoin rather than the wider crypto market.
Legislative hurdles and next steps
The proposal still faces several procedural and political hurdles before it can become law. SB 1038 is tied to companion legislation that would establish the trust-fund mechanics needed to operate the reserve, meaning both bills must pass during the same legislative session. A matching House bill, HB 1039, has already been filed, signaling coordinated support across chambers. If approved, the legislation would require the CFO to submit detailed reports starting in December 2026, outlining reserve holdings, valuation changes and management actions.
Lawmakers will likely scrutinize how the reserve would be funded and whether it aligns with Florida’s broader fiscal priorities. The outcome may hinge on whether legislators view the Bitcoin-focused structure as sufficiently distinct from earlier proposals that stalled. If successful, Florida would join a small but growing group of US states exploring Bitcoin as a strategic reserve asset.
Recently we wrote that Binance has launched new perpetual futures contracts tied to gold and silver, marking a notable expansion of its derivatives lineup beyond purely digital assets.
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