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Florida lawmakers are considering a groundbreaking proposal that would allow the state to invest public funds in Bitcoin. The proposal, House Bill 487, is set for its first public hearing on Wednesday, April 10, before the Insurance & Banking Subcommittee.
If passed, the bill would grant the Florida Chief Financial Officer (CFO) the authority to invest up to 10% of state funds in Bitcoin. The legislation also outlines strict regulations for the storage, lending, and custody of Bitcoin. Notably, it allows the CFO and other designated officials to loan out Bitcoin held by the state, while any taxes or fees paid in Bitcoin would be converted into U.S. dollars and deposited into Florida’s General Revenue Fund. The bill further specifies that these converted funds would be used to reimburse state accounts in U.S. dollars.
Additionally, the bill gives the Trustees of the State Board of Administration the power to invest assets from the System Trust Fund in Bitcoin, exempting these investments from certain state securities regulations.
Broader Bitcoin Reserve Movement in U.S.
Florida is not the only state exploring the idea of a Bitcoin reserve. Other states, such as Utah, Missouri, Arizona, Oklahoma, and Kentucky, are also considering similar legislation. Utah has already made significant progress with its Bitcoin Reserve Bill, which passed the House Economic Development Committee in January 2025 and is now awaiting Senate approval.
If House Bill 487 passes, it will be a major step for Florida, positioning it as a leader in the growing movement of U.S. states seeking to integrate Bitcoin into their financial systems. The bill has been dubbed the “Bitcoin Reserve Bill” by its supporters, and Florida would become one of the first states to take this bold step.
As Bitcoin continues to gain traction as an asset class, this bill could set a precedent for other states to follow suit, further establishing Bitcoin’s role in the mainstream financial landscape.
