Florida is back with a new attempt to put Bitcoin on the state’s balance sheet. The new bill, HB 183, revives last year’s failed effort, but with sharper teeth and broader scope.
Resetting the cap on specific country funds allocated to digital assets, including Bitcoin and regulated ETFs, to 10%. But whereas the 2025 bill was largely an aspirational gesture, this one reads like a practical blueprint.
It details how custody works, who can make calls, and even what happens if the state loses control of the private keys.
This bill is long and detailed, and for good reason. HB 183 aims to demonstrate that the state of Florida can actually hold cryptocurrencies in a way that will pass an audit.
It defines digital assets, including Bitcoin, tokenized securities, and other cryptographically recorded instruments, under Florida’s Electronic Records Act. It also opens the door to products traded on exchanges that hold digital assets alongside stocks and commodities.
This expansion means that nations are not just talking about accumulating Bitcoin. The company stands to hold exposure through SEC-registered ETFs and tokenized securities as long as they meet custody and disclosure standards.
The bill designates the chief financial officer as the focal person. CFOs can allocate up to 10% of each state fund account, from general revenue to trust funds and agency funds, to approved cryptocurrencies and ETF products.
The same cap applies to pension plans, and the state trustees can invest up to 10% of the Florida Retirement System trust fund. These limits mirror last year’s bill, but clarify that the caps apply on an account-by-account basis, rather than all funds at once, effectively expanding the potential pool.
None of these are mandatory, as they are caps rather than quotas, but the legal authorizations are broad enough to be significant.
Storage and management regulations have been strengthened. Digital assets purchased by the state must be held directly by the CFO or under ongoing control through a custodian who is legally entitled to perfect the security interest. If this control lapses, the state must correct it within five business days.
Loans are permitted, but only if the loan is fully collateralized, and the CFO is free by regulation to request overcollateralization. These are the kind of operational guardrails designed to answer the question that killed the original bill: How do we protect the private keys of the Treasury?
HB 183 also accounts for taxes and fees received on virtual currencies and requires them to be included in general revenue and reimbursed in dollars. This is a small but significant sign that the drafters are thinking about accounting frictions as much as ideology.
Size and stakes
The numbers behind the 10% number make this bill more than symbolic. The Florida Retirement System holds approximately $218 billion.
A 1% allocation there would equate to about $2.2 billion, already more than most daily spot Bitcoin ETF flows.
The 5% allocation approaches $11 billion, and that’s before factoring in other state funds such as the $4.9 billion Budget Stabilization Fund, which could theoretically add hundreds of millions of dollars more.
None of these moves will happen overnight, but even a cautious 1% pilot would introduce a new source of stable demand to a market that currently relies heavily on ETF inflows.
Legal and political obstacles remain high. The bill exempts virtual currency holdings from some of the state’s public deposit security rules, but it does not solve the larger problem of volatility and fiduciary risk. Public funds are built on liquidity and predictability. Bitcoin is neither of those things.
A five-day cure clause for custody revocation may seem neat on paper, but it is unproven in public sector practice. Auditors will seek evidence that Florida can document and value these holdings as rigorously as Treasury and stocks.
There’s also the issue of timing. Even if the bill passes, each investment committee will need to revise its own policy statement before touching on cryptocurrencies.
HB 183 is essentially not a declaration that Florida will buy Bitcoin, but a declaration that Florida wants to legally be able to do so. This expands the scope from one asset to the entire class, incorporates control mechanisms, and creates an environment for cautious participation rather than speculative bets.
While the 10% figure has garnered attention, the real story lies in states’ attempts to create legal strategies for national management of crypto assets.
If the framework survives scrutiny and gains traction, it could become the first model of its kind in the United States. Each law will quietly but fundamentally change the way governments think about holding digital assets.
