Florida narrows Bitcoin reserve plan, limits assets to BTC
Florida lawmakers are moving forward with a measure to establish a state-managed strategic cryptocurrency reserve, narrowing prior efforts to a framework that would effectively confine holdings to Bitcoin.
According to Florida’s legislative records, Senate Bill (SB) 1038, sponsored by Republican Senator Joe Gruters, was filed on Dec. 30 and was referred on Wednesday to the Appropriations Committee on Agriculture, Environment, and General Government, where it must pass hearings and votes before reaching the Senate floor.
The bill would create the Florida Strategic Cryptocurrency Reserve, overseen by the state’s chief financial officer (CFO), authorizing the office to purchase, hold, manage and liquidate cryptocurrency under standards aligned with those governing public trust assets.
While the measure does not explicitly name Bitcoin (BTC), it limits eligible assets to cryptocurrencies with an average market capitalization of at least $500 billion over the past two years — a criterion that only Bitcoin currently satisfies.
Senate measure follows broader, stalled efforts
The Senate proposal follows and materially departs from earlier attempts to permit state-level crypto investments. On Oct. 17, 2025, Republican Representative Webster Barnaby introduced House Bill (HB) 183, which sought to authorize the state and certain public entities to invest up to 10% of their funds across a wide array of digital assets, including Bitcoin, crypto exchange-traded products (ETPs), crypto securities, non-fungible tokens (NFTs) and other blockchain-based instruments.
HB 183 was a revised version of HB 487, which was withdrawn in June after failing to advance from a House operations subcommittee. While the revised bill incorporated tighter custody, documentation and fiduciary requirements, its expansive asset scope and the potential involvement of pension and trust funds met resistance from lawmakers.
SB 1038 removes pension and retirement funds from consideration and places direct oversight with the CFO through a standalone reserve structure. Its market-cap eligibility standard mirrors approaches adopted by states such as New Hampshire and Texas, both of which implemented narrowly focused Bitcoin reserve frameworks in 2025.
Next steps in the legislative process
SB 1038 is contingent on companion legislation to establish the trust-fund mechanics required for the reserve, meaning it cannot take effect unless related measures are also enacted during the same legislative session.
A House companion bill, HB 1039, has also been filed, indicating coordinated support in both chambers. If enacted, the CFO would be required to deliver reports to legislative leadership beginning in December 2026, detailing the reserve’s holdings, valuation and management activities.
Future progress will hinge on whether lawmakers view the narrower, Bitcoin-focused structure as sufficiently distinct from previous efforts that did not advance.
Stay informed, read the latest news right now!
Disclaimer
The content on TrustsCrypto.com is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile, always do your own research before making decisions.
Some content may be assisted by AI and reviewed by our editorial team, but accuracy is not guaranteed. TrustsCrypto.com is not responsible for any losses resulting from the use of information provided.
