Florida lawmakers are moving forward with a proposal to establish a strategic cryptocurrency reserve limited to Bitcoin. Senate Bill 1038, sponsored by Senator Joe Gruters, would create the Florida Strategic Cryptocurrency Reserve managed by the state’s CFO. The legislation restricts purchases to crypto with a market cap of at least $500 billion, a threshold only met by Bitcoin.

The new Senate proposal, SB 1038, diverges from previous attempts to authorize state-level crypto investments. Earlier efforts, like HB 183 filed in 2025, sought to allow investments in a broad range of digital assets but faced pushback. SB 1038 removes pension and retirement funds from the equation and focuses solely on a Bitcoin reserve structure mirroring approaches taken by other states.

SB 1038 is dependent on companion legislation, HB 1039, to establish trust-fund mechanics for the reserve. The CFO would be required to submit reports detailing the reserve’s holdings and management actions if the legislation advances. Whether the proposal progresses will hinge on lawmakers’ perception of the Bitcoin-focused structure compared to previous unsuccessful efforts.

Read more at Cointelegraph: Florida Revives Bitcoin Crypto Reserve Bill After Earlier Pushback