In the vibrant landscape of cryptocurrency, Florida legislators are once again exploring avenues to safeguard their state’s economic framework. This renewed interest stems from the need to address inflation concerns while embracing innovative financial strategies.
Revitalizing Florida’s Cryptocurrency Strategy
This week, House member John Snyder presented House Bill 1039, aimed at creating a state-administered Strategic Cryptocurrency Reserve centered around Bitcoin (BTC).
As outlined in the proposal, this reserve would function as “a special fund separate from the State Treasury” with the goal to “protect against inflation and economic shifts” while providing “increased financial security for residents of Florida.”
The bill specifies that for a cryptocurrency to qualify for purchase by the reserve, it must maintain an average market capitalization of at least $500 billion over the last 24 months. Currently, only Bitcoin fits this criterion, boasting a market cap of approximately $1 trillion.
The proposed fund would encompass various sources: “monies appropriated by the legislature, dedicated revenue for deposit, income from cryptocurrencies procured by the reserve, as well as earnings from investments.”
Florida’s Chief Financial Officer (CFO) would oversee the management of this reserve, having the authority to “acquire, trade, sell, and manage the investments” consistent with the prudent practices of a skilled investor, considering “terms and conditions that may apply.”
Furthermore, the CFO would have the capacity to engage with third-party contractors to facilitate the effective management of the reserve. This includes partnerships with tech firms for secure custody solutions, as well as liquidity providers to assist in asset transactions.
Additionally, HB 1039 proposes the establishment of the “Florida Strategic Cryptocurrency Reserve Advisory Committee” to be housed within the Department of Financial Affairs. This committee will consist of five individuals, including the CFO as chairman, and four appointees selected by the CFO.
Previous Attempts and Future Prospects
Representative Snyder’s initiative builds upon earlier efforts to create a Strategic Bitcoin Reserve in Florida. Throughout the previous year, several legislators aimed to tap into the growing global momentum around cryptocurrency reserves.
According to reports by Bitrabo, in late 2024, the Florida Blockchain Business Association (FBBA) introduced the concept of a state Bitcoin Reserve, advocating for a modest allocation from the state’s $185.7 billion pension fund.
Samuel Armes of FBBA proposed investing around 1% of the pension fund, translating to approximately $1.85 billion, into Bitcoin, thus kicking off Florida’s journey towards a cryptocurrency-centric financial reserve.
In February 2025, another significant move came from Senator Joe Gruters, who introduced Senate Bill 550, providing a framework for the state’s CFO to invest 10% of public funds in Bitcoin. Along similar lines, Representative Webster Barnaby also proposed House Bill 487 in April 2025, aiming for a 10% investment rule for state funds focused on Bitcoin.
Despite their potential, both of these proposals failed to secure a majority in committee votes. In response, last October saw Representative Barnaby put forth House Bill 183, which proposed revised language to invigorate Florida’s SBR ambitions.
Should HB 1039 successfully navigate the legislative process and receive gubernatorial approval, Florida will notably join a select group of states, including Arizona, New Hampshire, and Texas, that have taken similar steps towards establishing a Strategic Bitcoin Reserve.
