According to The Street, the US state of Florida is expected to launch a strategic bitcoin reserve in Quarter 1 2025. Samuel Armes, president of the Florida Blockchain Business Association (FBBA), said that Florida is "very likely to establish a strategic bitcoin reserve during the upcoming legislative session, which will begin in Quarter 1 2025". The plan is understood to be based on Florida's existing investments in bitcoin and crypto-related assets through its $185.70 billion pension fund, the fourth largest in the US. "Florida has invested in bitcoin and crypto-related assets through our pension fund," Armes said. He suggested allocating 1 per cent of Florida's $185.70 billion pension fund, or $1.857 billion.