- Florida’s SB 1038 proposes a “Strategic Cryptocurrency Reserve” to hold Bitcoin, managed separately from general state funds by the Chief Financial Officer.
- The bill restricts purchases to assets with a $500 billion average market cap, effectively making Bitcoin the only eligible cryptocurrency for the state’s treasury.
- Unlike failed 2025 efforts to invest in pension funds, this narrow plan establishes a dedicated advisory committee and strict custody rules to diversify Florida’s holdings.
Florida is considering a bill to set up a state-controlled Bitcoin reserve. It would be run by the state’s Chief Financial Officer (CFO) and kept separate from the normal state funds, with its own storage and reporting rules.
The Senate Bill SB 1038 effectively allows only Bitcoin because it requires a very large market size. Supporters say it could help protect against inflation and diversify the state’s holdings.
If this one passes, Florida would be among a small group of states moving toward holding crypto in public finances, including New Hampshire, Texas, Arizona, and Wyoming.
Read more: SCI Reprieve Lifts Strategy Shares, Keeps Crypto Treasury Firms in Indexes
A New Attempt
Florida has tried similar ideas before. Broader bills in the 2025 session that would have allowed parts of public funds to be invested in BTC stalled and died in committee, and another pending House proposal for 2026 would allow up to 10% of certain funds to go into digital assets and related products.
Instead of spreading crypto exposure across existing state funds, the measure creates a separate “Florida Strategic Cryptocurrency Reserve.” It sets specific custody standards, requires regular reporting, and calls for an advisory committee to oversee how the reserve is run.
A different bill already filed for 2026 by Rep. Webster Barnaby would take a much wider approach, allowing up to 10% of certain state and local funds to be allocated to digital assets and exchange-traded products, including areas that touch pensions and multiple trust funds. Gruters’ plan is narrower, keeping any Bitcoin exposure inside a dedicated reserve.
Read more: TD Cowen Warns Midterms Could Stall Crypto Market Structure Push
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