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According to the Florida Senate archives, the bill details the new proposal, and the Senate has about 6 months to deliberate on this measure and pass it. However, it will need approval from the Senate Appropriations Committee on Agriculture, Environment, and General Government before it can be sent to the full Senate for approval.
According to the proposal, the cryptocurrency considered for such a strategic reserve should have an average market capitalization of at least $500 billion over the preceding two years. Only Bitcoin itself meets the standard of this reserve right now, with a market cap exceeding $1 trillion, while Ethereum ($370 billion), XRP ($126 billion), and the rest of the pack are ineligible. However, Ethereum may be able to sneak above the threshold if it receives a sustainable boost in the near future.
The new proposal is also an attempt to narrow the focus of earlier efforts that began with the Florida House of Representatives and didn’t proceed. The Florida SB 1038 eliminates the possibility of involving retirement funds and now envisages a standalone crypto reserve directly under the state’s finance department.
Florida still lags behind
While the new bill shows that the Florida state apparatus is willing to kickstart a new wave of state-backed cryptocurrency adoption, further research shows that it is lagging behind others. Here is the breakdown across the pro-crypto states:
 
The Arizona (AZ) House of Representatives and the Texas (TX) Senate have taken a lead in this scenario and enacted legislation to start such a strategic reserve. Texas became the first state to actually start such a reserve with a $5 million purchase back in June 2025. Earlier in May, New Hampshire became the first US state to approve such a state-backed measure, so FL is clearly lagging behind here.
The next weeks are expected to be interesting for the Florida strategic reserve, as the Senate committee is expected to actively deliberate on the proceedings. However, given the poor run of form for the embattled digital asset in 2025, the outcome may not be as upbeat as crypto enthusiasts would like.