After an earlier attempt failed, Florida lawmakers are reviving a proposal that would allow the state to hold digital assets as part of its finances. The plan would create a state-run cryptocurrency reserve. Introduced on Jan. 7 for the 2026 legislative session by Republican Representative John Snyder, House Bill 1039 would set up a Strategic Cryptocurrency Reserve Fund outside the state treasury.
Florida to Establish Strategic Crypto Reserve
Florida lawmakers are moving forward with a revised plan to set up a state cryptocurrency reserve, focusing more narrowly on Bitcoin than earlier proposals.
The proposal seeks requirements for independent audits and the creation of an advisory committee, bringing back ideas from a 2025 bill that was later called off. That earlier version would have allowed up to 10% of certain state funds to be invested in Bitcoin.
However, the current bill does not require the state to invest any set amount. Instead, it leaves the decision of whether-and-when to put money into Bitcoin up to the chief financial officer.
According to state records, Senate Bill 1038 was introduced on Dec. 30 by Republican Senator Joe Gruters and has been sent to a Senate appropriations committee. The bill will need to go through committee hearings and votes before the full Senate can consider it.
If approved, the proposal would create a Florida Strategic Cryptocurrency Reserve overseen by the state’s chief financial officer. The CFO would be allowed to buy, hold, manage, and sell cryptocurrency, using standards similar to those that apply to other public trust investments.
Florida’s Chief Financial Officer, Jimmy Patronis, showed support for the proposal. He also called bitcoin the “digital gold” and said that a small amount of exposure could help diversify the state’s investment portfolio amid rising inflation.
If the measure becomes law, Florida would be among a rising number of states moving ahead with crypto-related legislation, including New Hampshire and Texas. Wyoming has already passed many crypto friendly laws, and New Hampshire recently made history by becoming the first state to formally allow public funds to be invested in cryptocurrencies, an example Florida lawmakers have pointed to.
New Proposal Follows Significant Divergence
Florida’s new Senate proposal takes a very different path from earlier attempts to let the state invest in crypto.
Previous bills would have allowed the state to put up to 10% of public funds into a wide range of digital assets, including bitcoin, NFTs, and other crypto products. Those ideas faced criticism, mainly because they involved pension and retirement funds, and they were eventually dropped.
The latest plan, Senate Bill 1038, narrows the focus to bitcoin and removes pension funds entirely. A matching House bill, House Bill 1039, was also filed, showing support for the idea in both chambers.
If approved, the CFO would be required to start reporting on the reserve’s holdings and management by the end of 2026. Lawmakers will now weigh whether this more limited, bitcoin-focused strategy is different enough from past proposals to get approved.
