A newly introduced bill in Florida aims to establish a strategic Bitcoin reserve, revitalizing state interest in cryptocurrency assets. House Bill 1039, proposed by Rep. John Snyder, comes after two previous attempts—HB 487 and SB 550—were withdrawn last year, which sought to allocate a portion of state funds to Bitcoin.
This new legislative effort distinguishes itself by proposing that the reserve operate outside the state treasury, with management entrusted to the state’s chief financial officer (CFO). According to the text of the bill, the Florida Strategic Cryptocurrency Reserve would be a special fund, managed by the CFO, who would have the authority to acquire, exchange, sell, and manage cryptocurrency investments based on prudent investing principles.
Although the bill does not explicitly name Bitcoin as the chosen digital asset, its stipulations indicate that Bitcoin is the only cryptocurrency currently meeting the threshold required—having a market capitalization of at least $500 billion over the preceding two years. At present, Bitcoin boasts a market cap exceeding $1.8 trillion, while the next largest cryptocurrency, Ethereum, sits at approximately $377 billion.
The move to establish a reserve aligns with a broader trend in several states, though only New Hampshire, Arizona, and Texas have successfully passed similar legislation to create crypto reserves. In contrast, Florida’s proposed legislation comes amid a backdrop of at least 17 states exploring similar initiatives, with five having previously rejected bills on the matter.
Supporters of the bill argue that creating a cryptocurrency reserve would enhance Florida’s financial resilience, providing a hedge against economic inflation and volatility, thereby bolstering financial security for its residents. In conjunction with the reserve, the proposal includes the formation of a cryptocurrency reserve advisory committee, led by the state CFO and consisting of four additional members, ideally with cryptocurrency investment experience.
If enacted, the provisions of HB 1039 are scheduled to come into effect on July 1, 2026. A request for comment from Rep. Snyder’s office has yet to receive a response.
