In a bold move signaling the state’s embracing of cryptocurrency, Florida lawmakers have introduced a new proposal aimed at establishing a state Bitcoin reserve. The initiative, brought forward on January 8, 2026, marks a significant shift from previous attempts that failed to gain traction in 2025.
Senate Bill 1038 and its companion House Bill 1039 aim to set up a Florida Strategic Cryptocurrency Reserve, assigning management to the chief financial officer (CFO) rather than the traditional state treasury. This departure from previous proposals reflects a refined approach that aims to mitigate concerns raised during past legislative cycles.
Previously, Florida had attempted to allocate up to 10% of its state funds into Bitcoin and other cryptocurrencies. However, those efforts—embodied in House Bill 487 and Senate Bill 550—were withdrawn amid apprehensions surrounding the volatility of crypto assets and the implications of intertwining taxpayer money with such risks.
With the latest bills, Florida lawmakers have streamlined the proposal, focusing on creating a dedicated fund that operates independently of the main treasury. This new architecture grants the CFO comprehensive authority to acquire, manage, and sell Bitcoin, as well as oversee the assets within the reserve.
One key stipulation of the bill requires that the assets held within the reserve must maintain a market capitalization of at least $500 billion over two years, a threshold currently satisfied only by Bitcoin, which boasts a market cap nearing $1.8 trillion. Ethereum trails behind at approximately $377 billion, illustrating Bitcoin’s unique standing in the market.
As the concept of a Bitcoin reserve gains traction across various states, Florida looks to join the ranks of New Hampshire, Arizona, and Texas, all of which successfully passed Bitcoin reserve legislation last year. Conversely, several states rejected similar proposals, highlighting the contentious nature of cryptocurrency legislation in the U.S.
The objectives of the proposed Bitcoin reserve are threefold: to bolster the state’s financial resilience amid economic uncertainties, to position Bitcoin as a hedge against inflation, and to provide financial security for Florida residents. Proponents of the bill liken Bitcoin’s stability to that of “digital gold,” emphasizing its capped supply of 21 million coins as a safeguard against inflationary pressures.
The introduction of a cryptocurrency reserve advisory committee, led by the state CFO and comprising members with cryptocurrency investing experience, is intended to ensure prudent management of the Bitcoin assets. This committee will add a layer of oversight that could instill greater confidence among skeptics.
Having cleared its initial filing stage, House Bill 1039 is set to enter committee hearings where lawmakers will deliberate its implications before advancing to the state senate. Should both chambers approve the legislation, the governor will have the final say on its enactment.
As discussions continue, it remains to be seen how Florida’s foray into cryptocurrency will evolve. If successful, the CFO will be required to provide reports on the reserve’s holdings starting in late 2026, reflecting a commitment to transparency in how the state manages its Bitcoin investments. Meanwhile, the Bitcoin market remains stable, showing little immediate reaction to the renewed legislative efforts in Florida.
