Florida has taken its initial legislative move towards recognizing Bitcoin as a state-held asset, joining the efforts spearheaded by Arizona and closely watched by New Hampshire.
Florida is the most recent U.S. state to make advances in incorporating Bitcoin (BTC) as a strategic reserve asset, with its House Bill 487 (HB 487) approved by the House Insurance and Banking Subcommittee unanimously during an April 10 hearing.
The legislation, titled “Investments of Public Funds in Bitcoin,” aims to empower Florida’s Chief Financial Officer and the State Board of Administration to allocate up to 10% of significant public funds — including the General Revenue Fund and Budget Stabilization Fund — into Bitcoin. It specifies rigorous standards for custody, security, and compliance, and allows Bitcoin held by the state to be lent out or utilized in exchange-traded products.
Having successfully navigated the first of four committees, HB 487 still needs to pass through the Government Operations Subcommittee, the Ways & Means Committee, and the Commerce Committee before heading to the full House for a vote. If it clears the House, the bill will then be presented to the Senate for further consideration and ultimately to the governor for approval.
Florida’s initiative aligns with a broader movement among U.S. states that are examining Bitcoin as a sovereign asset class.
As per various reports, Arizona appears to be leading the way in the legislative race. As of late March, its Senate Bills 1373 and 1025 — both pertaining to digital asset reserves — have received Senate approval and cleared the House Rules Committee. These bills are now set for a full House vote, and if successful, would require only Governor Katie Hobbs’ signature to become law, positioning Arizona as the first state to officially adopt a Bitcoin reserve policy.
Meanwhile, New Hampshire has also progressed with its Bitcoin reserve bill (HB 302), which passed the full House with a vote of 192-179 and is currently under Senate examination. The proposed law would give the state treasurer the authority to invest up to 10% of authorized funds into Bitcoin and precious metals, but only assets with a market cap above $500 billion — a benchmark currently fulfilled solely by Bitcoin — would be eligible.