Thomas Daniels
Florida has advanced House Bill 487 (HB 487), signaling its intent to position Bitcoin as a strategic component of state-held assets. With unanimous approval from the House Insurance and Banking Subcommittee on April 10, Florida becomes the latest state to enter the competitive legislative arena aimed at integrating Bitcoin into sovereign financial frameworks.
The bill, formally titled “Investments of Public Funds in Bitcoin,” proposes authorizing Florida’s Chief Financial Officer and the State Board of Administration to allocate up to 10% of key public funds—including the General Revenue Fund and the Budget Stabilization Fund—into Bitcoin. The legislation also details stringent requirements concerning custodial practices, security infrastructure, and regulatory compliance. Furthermore, it allows for state-held Bitcoin to be used in loan arrangements or incorporated into exchange-traded financial instruments.
HB 487 must still progress through three additional legislative hurdles—the Government Operations Subcommittee, the Ways & Means Committee, and the Commerce Committee—before a full House vote. If ratified, it would advance to the Senate and ultimately require gubernatorial approval.
Florida’s legislative maneuver follows similar initiatives in Arizona and New Hampshire, indicating a broader trend among U.S. states to classify Bitcoin as a reserve-grade financial asset. According to digital asset policy tracker Bitcoin Laws, Arizona currently leads this trend, with Senate Bills 1373 and 1025 having passed both the state Senate and the House Rules Committee. These bills await a full House vote, after which only the governor’s signature would be needed for enactment.
New Hampshire is also advancing comparable legislation. House Bill 302, which narrowly passed the House in a 192–179 vote, is now under Senate consideration. The bill empowers the state treasurer to invest up to 10% of eligible funds into Bitcoin and precious metals. However, it stipulates a minimum market capitalization of $500 billion for eligible assets—a threshold presently met exclusively by Bitcoin.
The momentum across these states highlights a nascent yet accelerating interest in institutionalizing Bitcoin within public financial systems, potentially signaling a shift in sovereign asset management strategies.
