A Florida lawmaker is attempting to revive the state’s previous efforts to establish and manage a Strategic Bitcoin Reserve (SBR) to protect its residents against inflation and enhance economic security. A New Strategic Bitcoin Reserve Proposal On Wednesday, Florida House of Representatives member John Snyder introduced House Bill 1039 (HB 1039) to create and administer a state-run Strategic Cryptocurrency Reserve focused on Bitcoin (BTC). According to the legislation, the strategic reserve would be established as “a special fund outside the State Treasury” to serve “hedge against inflation and economic volatility” and the “public purpose of providing enhanced financial security to residents of this state.” Notably, the bill states that “to be eligible to be purchased for the reserve, a cryptocurrency must have an average market capitalization of at least $500 billion over the most recent 24-month period.” Under this condition, only Bitcoin, with its $1 trillion market capitalization, meets the requirements. Based on this, Florida’s reserve would consist of “money transferred or deposited to the credit of the reserve by legislative appropriation, (…) Revenue that the Legislature by general law dedicates for deposit to the credit of the reserve, (…) Cryptocurrency purchased using money in or received by the reserve, (…) Investment earnings and interest or rewards earned on assets in the reserve.” In addition, the reserve would be custodied and managed by Florida’s Chief Financial Officer (CFO), who will be able to “acquire, exchange, sell, supervise, manage or retain any kind of investments” that a prudent investor would manage, under “the purposes, terms, distribution requirements, and other circumstances then prevailing for the reserve.” The CFO would be allowed to establish contracts with one or more third-party entities for the administration and management of the reserve, including technology providers for a secure custody solution, a qualified custodian, and liquidity providers that facilitate the purchase and sales of the reserve’s assets. Moreover, HB 1039 would launch the “Florida Strategic Cryptocurrency Reserve Advisory Committee” within the Department of Financial Affairs. The committee would be composed of five members, including the CFO, who would serve as the chairman, and four other individuals appointed by the CFO. Florida’s SBR Push Representative Snyder’s proposal follows previous attempts to establish a Strategic Bitcoin Reserve in Florida. Over the past year, some lawmakers joined the global SBR momentum and introduced multiple bills to create and manage a state-run crypto reserve. As reported by Bitcoinist, the Florida Blockchain Business Association (FBBA) proposed the state’s first Bitcoin Reserve at the end of 2024, seeking to allocate a small percentage of its $185.7 billion pension fund to BTC. Samuel Armes, head of the FBBA, suggested that the state could use 1% of its pension fund, around $1.85 billion, to invest in Bitcoin as part of Florida’s push to launch a crypto-based strategic reserve. In February 2025, Senator Joe Gruters introduced Senate Bill 550 (SB 550) to allow the state’s CFO to invest up to 10% of public funds in the flagship crypto. Similarly, Representative Webster Barnaby introduced House Bill 487 (HB 487) in April 2025 to allow Florida’s CFO and the State Board of Administration to invest up to 10% of certain state funds in Bitcoin, as a strategy to protect against inflation and enhance economic security. Nonetheless, both bills died in the first half of the year after failing to obtain a majority vote in their respective committee hearings. Last October, Representative Barnaby filed House Bill 183 (HB 183) with a revised and “more flexible” text to revive Florida’s SBR efforts. If HB 1039 passes the state’s Senate and House votes and is signed into law, Florida would join Arizona, New Hampshire, and Texas as the few states to have enacted a Strategic Bitcoin Reserve.
