A bill filed Friday in the Florida House would authorize the state to invest a limited share of its reserves and pension funds in Bitcoin and other digital assets under new fiscal and fiduciary guidelines.
House Bill 183, filed by Rep. Webster Barnaby, would permit the state Chief Financial Officer (CFO) to invest up to 10 percent of funds in accounts including the General Revenue Fund, the Budget Stabilization Fund, and agency trust funds into digital assets or exchange-traded products that hold them.
The measure defines digital assets to include Bitcoin and other cryptographically secured representations of value recorded on a blockchain. Assets could be held directly by the CFO, through qualified custodians such as federally insured financial institutions or registered broker-dealers, or through exchange-traded products registered with the Securities and Exchange Commission.
Under the bill, the CFO could also lend digital assets held by the state if the loans are fully collateralized and meet fiduciary standards in existing law. The legislation specifies that digital asset investments must be managed solely based on pecuniary factors such as financial risk and return, excluding social or political considerations.
The measure cites inflation and federal action establishing a U.S. Strategic Bitcoin Reserve as context for expanding investment options, stating that including digital assets in the state’s investment portfolio could serve as a store of value and hedge against inflation while maintaining oversight consistent with state law.
“Bitcoin and other digital assets have significantly increased in value and are becoming more widely accepted as international stores of value and mediums of exchange,” reads the bill.
The bill would also allow the State Board of Administration, which oversees the Florida Retirement System, to invest up to 10 percent of pension funds in digital assets under similar custody and reporting requirements. Taxes and fees paid to the state in digital assets would be transferred to the General Revenue Fund, with reimbursements made in U.S. currency to designated accounts.
If enacted, the measure would take effect July 1, 2026.
