Florida lawmakers are moving forward with a revised plan to establish a state-level cryptocurrency reserve, but with a far narrower scope than previous proposals. The latest version effectively limits eligible assets to Bitcoin, signaling a more cautious approach to digital asset exposure and removing pension funds from the equation.
The proposal reflects a broader trend among U.S. states exploring Bitcoin reserves while avoiding the political and financial risks tied to broader crypto investments.
A Bitcoin-only reserve takes shape
According to Florida’s legislative records, Senate Bill 1038 was filed on Dec. 30 by Republican Senator Joe Gruters. The bill has been referred to the Appropriations Committee on Agriculture, Environment, and General Government, where it must pass hearings and committee votes before reaching the Senate floor.
If approved, the legislation would create a Florida Strategic Cryptocurrency Reserve overseen by the state’s chief financial officer. The CFO would be authorized to purchase, hold, manage, and liquidate cryptocurrency under rules similar to those governing public trust assets.
While the bill does not explicitly name Bitcoin, it introduces a strict eligibility requirement. Only cryptocurrencies with an average market capitalization of at least $500 billion over the past two years would qualify. At present, Bitcoin is the only digital asset that meets this threshold, making the reserve Bitcoin-only in practice.
Why Florida scaled back its crypto ambitions
The new Senate proposal marks a clear departure from Florida’s earlier, more expansive crypto initiatives. In October 2025, Republican Representative Webster Barnaby introduced House Bill 183, which would have allowed the state and certain public entities to invest up to 10% of their funds across a wide range of digital assets.
That earlier effort included Bitcoin, crypto exchange-traded products, crypto securities, NFTs, and other blockchain-based instruments. Despite tighter custody and fiduciary safeguards, the bill faced resistance due to concerns over pension fund exposure and the breadth of eligible assets. A prior version, House Bill 487, was withdrawn earlier in the year after failing to advance in committee.
Senate Bill 1038 removes those pressure points. Pension and retirement funds are fully excluded, and oversight is centralized under the CFO through a standalone reserve structure. This design appears aimed at making the proposal more politically viable while still positioning Florida within the growing Bitcoin reserve conversation.
Learning from other U.S. states
Florida’s market-cap-based eligibility rule mirrors strategies adopted elsewhere. States such as New Hampshire and Texas enacted more narrowly defined Bitcoin reserve frameworks in 2025, focusing on Bitcoin’s liquidity, scale, and long-term market dominance rather than broader crypto exposure.
By aligning with these models, Florida lawmakers may be hoping to avoid the setbacks that stalled earlier proposals while still signaling openness to Bitcoin as a strategic asset.
What happens next for SB 1038
The bill cannot take effect on its own. Its implementation depends on companion legislation that would establish the trust-fund mechanics needed to operate the reserve. A matching House proposal, House Bill 1039, has already been filed, suggesting coordinated support across both chambers.
If the legislation advances, the CFO would be required to submit detailed reports to legislative leaders beginning in December 2026. These reports would cover the reserve’s holdings, valuation, and management decisions, adding a layer of transparency to Florida’s Bitcoin strategy.
The outcome now hinges on whether lawmakers see this narrower, Bitcoin-focused framework as sufficiently different from past efforts that failed to gain traction. If approved, Florida could join a small but growing list of U.S. states experimenting with Bitcoin reserves while keeping risk tightly controlled.
