Microsoft has announced a new feature update for SharePoint Online which will enable the ability to access all simple text editing tools from the floating horizontal web part toolbar, rather than having to open the right property pane for editing options.
This floating toolbar will now dynamically resize to match the width of your Text web part, maximizing the number of tools you immediately see.
All other tools, and the property pane, can be accessed from the ellipse drop-down menu.
For targetted release users Microsoft will begin rolling the update out in early December and expects to complete the rollout in late December and Standard users can expect the update in early January onwards.
Learn more about Sharepoint authoring tools at Microsoft here.