Florida’s Strategic Bitcoin Reserve Proposal
In an effort to integrate cryptocurrency into public finance, Florida has proposed legislative measures to create a Strategic Bitcoin Reserve. These bills, known as HB 183 and SB 1038, aim to permit the investment of up to 10% of certain public funds into Bitcoin and cryptocurrency exchange-traded funds (ETFs), as well as tokenized securities.
Legislative Background
Introduced by lawmakers Webster Barnaby and Joe Gruters, the new proposals represent a narrower focus compared to earlier drafts from 2025, clearly centering on Bitcoin and SEC-regulated digital assets.
Management and Implementation
If enacted, these measures would empower Florida’s Chief Financial Officer, along with the State Board of Administration, to manage the allocation of select public funds, which include the General Revenue Fund, the Budget Stabilization Fund, and the Florida Retirement System Trust Fund. To ensure proper management, digital assets must be held directly by the Chief Financial Officer, through licensed custodians, or via regulated investment products like ETFs.
Moreover, the proposed bills would allow residents to settle certain state taxes and fees using cryptocurrencies, though these would be converted to U.S. dollars immediately upon receipt.
Future Implications
Set to take effect on July 1, 2026, pending legislative approval, this initiative finds its roots in a broader move led by an executive order in March 2025, which established a U.S. Strategic Bitcoin Reserve for handling forfeited assets. Supporters of the Florida bills, including Chief Financial Officer Jimmy Patronis, advocate for the potential benefits of this approach, likening Bitcoin to “digital gold” and suggesting that limited exposure could improve the diversification of state-managed funds.
Broader Context
Notably, Florida’s legislative efforts join similar initiatives from states such as Arizona, Texas, and New Hampshire, which also passed legislation related to strategic cryptocurrency reserves in 2025. The outcome of Florida’s deliberations may significantly shape future conversations around the integration of digital assets within public finance systems across the United States.
