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The state has been trying to have its own strategic Bitcoin reserve for quite some time. Just last year, it attempted twice to pass a bill to create one, but to no avail.
Less than a year later, a new bill in the state seeks once more to establish the reserve.
Related: Bitcoin slips as U.S. rules out buying for strategic reserve
Although several U.S. states explored Bitcoin or crypto reserve legislation last year, only New Hampshire, Arizona, and Texas ultimately succeeded in passing bills to establish reserves.
Florida was not alone in facing rejection.
Similar proposals failed in Wyoming, Montana, North Dakota, South Dakota, and Pennsylvania.
Several other states, like Michigan, Ohio, Kansas, and others have their proposals pending, according to data from BitcoinReserveMonitor.com.
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The latest proposal, HB 1039, filed on Jan. 6 by Rep. John Snyder (R-Fla.), replaces two earlier bills, HB 487 and SB 550, that were withdrawn last year.
Those earlier efforts aimed to allocate up to 10% of state funds directly into Bitcoin, a feature that raised concerns among lawmakers.
The new bill takes a different approach.
Instead of operating within the state treasury, it establishes a separate strategic cryptocurrency fund overseen by Florida’s chief financial officer.
The CFO would have broad authority to manage the reserve under prudent investor standards.
In Florida, the CFO is one of the state’s four independently elected Cabinet officials. They serve as the state’s chief fiscal watchdog, managing accounting, auditing, cash management, and financial risk.
The office also heads the Florida Department of Financial Services, which regulates insurance and protects financial consumers.
When the legislature creates special funds, the CFO often acts as custodian and administrator, managing assets under prudent investor standards and reporting to lawmakers.
The current CFO of Florida is Blaise Ingoglia, a former state senator who was appointed by Governor Ron DeSantis in July 2025.
While Bitcoin is not explicitly named, the bill’s requirements effectively limit eligibility to it alone, as it is currently the only crypto asset to meet the $500 billion average market capitalization threshold over two years.
