Florida becomes latest state to pursue bitcoin reserve ahead of 2026 session

Florida lawmakers have filed a new proposal that would authorize the creation of a state-managed bitcoin reserve, marking the latest attempt by a U.S. state to formally place the cryptocurrency on its balance sheet ahead of the 2026 legislative session set to kick off on Jan. 13.

Senate Bill 1038 would establish a Florida Strategic Cryptocurrency Reserve overseen by the state’s chief financial officer. Rather than permitting bitcoin investments across existing public funds, the measure creates a standalone reserve structure with its own custody rules, reporting requirements, and advisory committee.

Under the proposal, the CFO would be permitted to purchase cryptocurrencies with an average market capitalization of at least $500 billion over the prior 24 months, a threshold that currently limits eligibility solely to bitcoin.

The legislation is sponsored by state Sen. Joe Gruters. The Block reached out to Gruters for comment but did not immediately receive a response.

Florida has also considered similar measures in recent years. Companion House and Senate bills filed during the 2025 session that would have allowed portions of public funds to be invested in bitcoin stalled in committee and ultimately died before advancing, according to the Bitcoin Laws digital asset legislation tracker.

A separate House bill filed by Republican Webster Barnaby in October for the 2026 session remains pending. That proposal would authorize the chief financial officer and other public entities to allocate up to 10% of certain state and local funds to digital assets and exchange-traded products, a broader approach that touches pensions and multiple trust funds.

Gruters' newly filed Senate bill adopts a narrower framework by isolating bitcoin holdings within a dedicated reserve rather than altering how existing public funds are invested.

Other states already in motion

The proposal proposal comes as several other states are beginning to put their bitcoin-related legislation into practice. 

In Texas, lawmakers last year approved a state bitcoin reserve, with reports in November pointing to an initial $5 million purchase of BlackRock’s spot bitcoin ETF, IBIT.

Meanwhile, New Hampshire and Arizona have enacted narrower frameworks governing how public entities may hold or interact with bitcoin, rather than establishing full reserves.