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Florida Lawmakers Revive Efforts to Establish State Bitcoin Reserve

In a renewed initiative, Florida lawmakers are once again seeking to create a state Bitcoin reserve.

The proposed bill, HB 1039, was introduced by Rep. John Snyder following two prior attempts that were withdrawn last year.

This new bill aims to establish the Bitcoin reserve as a special fund outside the state treasury, managed by the chief financial officer of Florida.

The legislation specifies that the CFO will have the authority to acquire, manage, and oversee investments in this crypto reserve.

While Bitcoin is not explicitly mentioned in the bill, it is the only cryptocurrency that currently meets the market cap requirement set forth.

To qualify, an asset must have maintained a market cap of at least $500 billion over the prior two years.

Given Bitcoin’s current market cap of over $1.8 trillion, it easily satisfies this criterion.

The motivation behind this initiative is to bolster the state's financial resilience and serve as a safeguard against inflation and economic instability.

In addition to the reserve, the bill includes the establishment of an advisory committee focused on cryptocurrency, overseen by the CFO.

If passed, the law would take effect on July 1, 2026, promoting a proactive stance towards cryptocurrency in Florida.