Florida has $800m in crypto-related holdings: CFO

Florida Chief Financial Officer Jimmy Patronis revealed that the state holds approximately $800 million in crypto-related investments as part of its portfolio, as he discussed during a CNBC interview.

Patronis emphasized Florida’s commitment to exploring cryptocurrency as a viable investment, despite traditional concerns about its role in state pension funds.

“Crypto is not going anywhere. There will be no contract. It will continue to expand,” Patronis said in the interview, expressing confidence in the long-term potential of the technology.

Patronis made clear that he sees cryptocurrency as an established asset class with significant investment prospects.

“We have approximately $800 million in crypto-related investments in our state portfolio,” Patronis said, referring to crypto assets in Florida.

Florida is not the first US state to deal with crypto assets. The Wisconsin Board of Investment had invested in the two largest spot Bitcoin (BTC) ETFs, holding 2.4 million shares of BlackRock’s iShares Bitcoin Trust, worth approximately $99.1 million as of May 2024. Additionally, the US SEC filing revealed that over 1 million shares were owned by the government. Grayscale’s GBTC was worth more than $63.3 million at the end of March.

Other states such as Ohio and Pennsylvania have also enacted pro-crypto legislation.

Florida and crypto regulation

The interview also discussed regulatory concerns. Patronis discussed Florida’s approach to crypto regulation, particularly regarding national issues such as the potential implementation of a central bank digital currency.

He expressed concerns about possible federal overreach with a centralized digital currency, emphasizing that cryptocurrency offers an alternative to preserve purchasing power amid inflationary pressures.

Patronis outlined a broader vision to position Florida at the forefront of the crypto world, with the goal of establishing Miami as a major global crypto hub.