Florida lawmakers revived efforts this week to establish a state-level Bitcoin reserve, a move that could position the state as a leader in public-sector crypto adoption. The renewed push comes alongside a flurry of institutional signals — Bank of America upgraded Coinbase to 'Buy,' Morgan Stanley laid out plans for a digital wallet supporting tokenized assets, and Polygon Labs is reportedly close to acquiring the major Bitcoin ATM operator Coinme.
Florida’s Bitcoin Reserve Bill
State legislators in Florida reintroduced a bill to create a strategic Bitcoin reserve, a proposal that had stalled in earlier sessions. The exact mechanism — whether the state would buy Bitcoin directly or hold it as part of its treasury — remained under discussion. Proponents argue it would serve as both an inflation hedge and a signal to businesses considering relocating to the state.
Wall Street’s Crypto Pivot
Bank of America analysts upgraded Coinbase shares to 'Buy,' citing improved regulatory clarity and accelerating institutional adoption. The upgrade reflects a broader shift on Wall Street: Morgan Stanley announced it will launch a digital wallet that can hold tokenized assets, including private company equity. The wallet is expected to give wealth management clients access to a new class of illiquid assets that can now trade in tokenized form.
Ethereum Staking Bottleneck Dissolves
Ethereum’s validator exit queue fully cleared this week, resolving a backlog that had created delays for liquid staking protocols. The congestion had forced some validators to wait days or weeks to exit the network, putting pressure on platforms like Lido and Rocket Pool. With the queue gone, staking liquidity should improve — though the relief may be temporary if another wave of exits builds.
Polygon Labs Expands Its Reach
Polygon Labs is reportedly close to acquiring Coinme, one of the largest Bitcoin ATM operators in the U.S. The deal would give Polygon a direct on-ramp for retail cash-to-crypto transactions. Separately, the company unveiled the Open Money Stack initiative, an open-source framework designed to streamline stablecoin payments. The stack aims to lower the technical barriers for businesses issuing or accepting stablecoins.
Other Developments
Former President Trump said he will not pardon FTX founder Sam Bankman-Fried, reiterating his stance during a campaign stop. JPMorgan published a note arguing that recent Bitcoin and Ethereum sell-offs may be bottoming due to improving positioning — though the bank did not set a price target. Among major tokens, Polygon, Zcash, and Syrup led the day’s gains, each climbing more than 5%.
