Florida Revives Bitcoin Reserve Plan for 2026, But With Significant Limitations

In a bid to establish a state-funded Bitcoin reserve by 2026, Florida legislators are initiating a new plan with reduced scope compared to past efforts that faced setbacks in 2021.

Key Takeaways

Florida is reintroducing a Bitcoin reserve plan under Senate Bill 1038, sponsored by Senator Joe Gruters.
The new proposal has stricter eligibility criteria, effectively limiting the reserve to Bitcoin only.
The state’s Chief Financial Officer will manage the reserve and ensure compliance with defined rules for custody and oversight.
An advisory committee will assist in managing the reserve, emphasizing security and strategic investments.
Other states are also exploring Bitcoin reserves, with varying approaches and legislations.

Florida Revives Bitcoin Reserve Plan for 2026 — But With a Major Cutback

Florida Takes a Bitcoin-Only Approach in the State Crypto Reserve Initiative

Senate Bill 1038, led by Republican Senator Joe Gruters, was proposed on December 30, 2025, and officially entered committee review on January 7, 2026. The bill’s progress is recorded in legislative documents, indicating it has been sent to relevant committees, including the Senate Banking and Insurance Committee, as well as the Appropriations Committees for Agriculture and Environmental concerns.

Before it can advance to the Senate floor, the bill must undergo hearings. If it gains approval and is accompanied by related legislation, it will come into effect on July 1, 2026.

This proposal aims to create a Florida Strategic Cryptocurrency Reserve, overseen by the state’s Chief Financial Officer (CFO). According to the bill, the CFO would have authorization to purchase, hold, exchange, and liquidate cryptocurrency, following standards akin to those applied to public trust assets.

Though the bill does not specify which cryptocurrencies will be allowed, it sets a stringent requirement that any acquired cryptocurrency must have maintained an average market capitalization of at least $500 billion over the previous two years. This condition effectively confines the reserve to Bitcoin, representing a stark difference from Florida's earlier, broader attempts.

Crypto Reserve Initiative Restarts in Florida's 2026 Legislative Session

In the previous legislative session of 2025, House Bill 487 and Senate Bill 550 aimed to establish a wider framework for digital asset reserves but were postponed and eventually withdrawn. Unlike those bills, which did not progress from committee, the 2026 proposals, including SB 1038 and SB 1040, reformulate the approach with new identifiers and stricter regulations.

The current bill outlines comprehensive guidelines for custody, oversight, and reporting, establishing clear definitions for concepts like forks and private keys, as well as identifying qualified custodians. It mandates the use of secure custody systems equipped with encryption, geographical redundancy, multiparty authorization, and routine security audits.

The CFO will have the ability to engage regulated third parties, including auditors and technology vendors, as well as utilize approved derivatives if they benefit the reserve. Any spending from this reserve will be restricted to permitted investments, essential cash management, and justified administrative expenses.

In cases mandated by law or directed by the governor, the CFO can liquidate assets and temporarily shift funds to the state treasury, anticipating that returned funds, along with any accrued interest, will return to the reserve.

An advisory committee—led by the CFO and comprising four experts in cryptocurrency investments and digital asset security—will also be established to assist in managing the reserve effectively.

Growing Interest in Bitcoin Reserves Nationwide

Starting in late 2026, the CFO will be obligated to present a biennial report to the legislature that outlines asset holdings, changes in valuation, and actions taken in management.

Florida's renewed effort coincides with a broader trend of U.S. states experimenting with Bitcoin reserve strategies. New Hampshire was the first state to enact a law allowing investments in digital assets with market capitalizations exceeding $500 billion.

Meanwhile, Texas has adopted a donation-based approach, utilizing a dedicated fund instead of direct state purchases.

State Initiatives on Bitcoin Reserves

More than a dozen other states have proposed similar initiatives, with variable progress. While Oklahoma and Utah have advanced their proposals, Pennsylvania's initiative has stalled.