Florida lawmakers are making a renewed effort to integrate bitcoin into the state’s financial framework, with new legislation filed for the 2026 session proposing the establishment of a state-run Strategic Cryptocurrency Reserve Fund. This follows a previous initiative that stalled last year, reflecting a shift towards treating bitcoin more as a reserve asset than a speculative investment.
House Bill 1039, introduced by Republican Rep. John Snyder, aims to allow Florida’s chief financial officer to invest state funds in digital assets, subject to a set of regulations. These include independent audits, strict reporting requirements, and the establishment of an advisory committee to oversee investment strategies and manage risks associated with such investments.
Unlike earlier proposals which suggested allocating as much as 10% of certain state-managed funds to bitcoin, this new measure gives the CFO discretion over investment timing and amounts, without a mandated minimum allocation. The strategic placement of the reserve outside of Florida’s main treasury sets it apart from traditional state funds, specifically excluding pension and retirement accounts from this initiative.
Supporters of the bill, including Florida’s Chief Financial Officer Jimmy Patronis, frame the proposal as a protective measure against inflation and currency depreciation, suggesting that bitcoin acts as “digital gold.” They argue that limited exposure to such digital assets could diversify state-managed funds over extended periods.
The revival of this initiative aligns with a broader trend observed in several states that have reconsidered their approaches to cryptocurrency. For example, New Hampshire has introduced regulations allowing public funds to allocate a small percentage to crypto, while Texas authorized a modest cryptocurrency exchange-traded fund purchase as part of its reserve strategy. Meanwhile, Wyoming has established legal frameworks for digital assets without committing public funds.
The current legislative efforts in Florida are closely linked with companion bills filed in the Senate by Republican Sen. Joe Gruters, a long-time proponent of bitcoin who has ties to former President Donald Trump. Together, these legislative measures outline the procedures for acquiring, holding, and managing digital assets within the proposed reserve structure.
While the legislation does not explicitly name bitcoin, it effectively limits eligible digital assets to those with an average market capitalization of at least $500 billion over the previous two years—criteria that only bitcoin currently meets, given its market cap exceeds $1 trillion. Other cryptocurrencies, like Ethereum and various altcoins, do not meet this benchmark.
The proposed legislation is set within a broader context of Florida’s stance on digital currency. Recently, Governor Ron DeSantis enacted measures opposing federal recognition of central bank digital currencies, positioning the state as a skeptic of government-issued digital money while welcoming decentralized forms like bitcoin.
If successfully passed, Florida could emerge as one of the largest states in the U.S. to formally experiment with cryptocurrency as a reserve-class asset. Proponents believe that a well-regulated reserve could provide exposure to digital currencies while protecting essential public funds, although critics warn about the inherent risks related to bitcoin’s price volatility.
The legislative process for HB 1039 and its Senate counterparts includes necessary committee hearings and floor votes during the upcoming 2026 session. The bills include a conditional effective date of July 1, 2026, meaning the framework would only be implemented if the full legislative package secures approval and is signed into law.
