Florida’s Bitcoin Reserve Dream Fades as Key Legislation Withdrawn
Florida’s ambitious plan to create a Strategic Bitcoin Reserve has hit a roadblock as two critical bills were withdrawn during the legislative session. This development marks a significant setback for cryptocurrency adoption at the state government level.
Florida Abandons Bitcoin Reserve Proposal as Key Bills Withdrawn
Florida’s legislative session concluded without advancing two pivotal bills that sought to establish a Strategic Bitcoin Reserve. House Bill 487 and Senate Bill 550, which would have permitted the allocation of up to 10% of certain public funds into Bitcoin, were indefinitely postponed on May 3.
The proposals had initially gained traction, with HB 487 passing its first committee hearing unanimously in April. The withdrawal marks a setback for institutional crypto adoption in state treasury management, following similar initiatives in Texas and Wyoming.
Corporate Treasury Bitcoin Buying Could Hit $330 Billion by 2029, Bernstein Predicts
Bernstein analysts project corporate treasury purchases of Bitcoin could surge to $330 billion by 2029, with MicroStrategy leading the charge. The firm alone is expected to allocate $124 billion toward BTC acquisitions over the next five years.
Smaller firms adopting Bitcoin as a treasury reserve asset may contribute an additional $205 billion. Public companies currently hold approximately 720,000 BTC, representing 2.4% of the total supply.
MicroStrategy’s recent purchase of 1,895 BTC for $180.3 million underscores its aggressive accumulation strategy. The company now holds 555,450 BTC worth over $52 billion, cementing its position as the corporate leader in Bitcoin adoption.
Bitcoin Developers Propose OP_RETURN Removal in Core Update
Bitcoin CORE developers are moving to eliminate the OP_RETURN function in the next software release, reigniting debates about data embedding protocols. The 80-byte limit currently restricts arbitrary data storage in unspendable transaction outputs, a feature some argue channels abuse into more harmful forms.
Greg Sanders, a Blockstream engineer and Core contributor, contends the cap forces large-data inscriptions into opaque methods that damage network efficiency. The discussion pits transparency advocates against those fearing spam and system exploitation if constraints are lifted.
Independent Candidate’s Strong Crypto-Focused Campaign Shakes Up Singapore Election
Singapore’s 2025 General Elections witnessed a historic performance by independent candidate Jeremy Tan, who secured 36.16% of votes in Mountbatten SMC—the highest share for an independent since 1972. Tan’s campaign centered on Bitcoin integration into Singapore’s financial system, signaling growing mainstream crypto acceptance.
The result underscores shifting political winds as digital asset policies gain electoral relevance. While PAP’s Gho Sze Kee retained the seat, Tan’s unprecedented showing demonstrates cryptocurrency’s emergence as a substantive policy issue rather than a niche concern.
Riot Platforms Executes Largest Single-Month Bitcoin Sale in Company History
Riot Platforms, the second-largest publicly traded Bitcoin mining firm by market capitalization, sold 475 BTC in April at an average price of $81,731, generating $38.8 million in net proceeds. This marks the company’s largest single-month BTC liquidation to date.
The sale, disclosed in Riot’s monthly production update, included 463 newly mined BTC and 12 from reserves. "We made the strategic decision to sell our monthly bitcoin production to fund ongoing growth and operations," the company stated, emphasizing a dynamic approach to capital allocation.
