In a landmark decision that sets a precedent for state-level cryptocurrency adoption, New Hampshire has become the first US state to authorize the creation of a strategic bitcoin reserve.
On May 6, Governor Kelly Ayotte signed House Bill 302 into law, permitting the state treasury to invest up to 5% of public funds in bitcoin and other qualifying digital assets. The historic legislation, which takes effect in 60 days, currently limits investments to cryptocurrencies with market capitalizations exceeding $500 billion—a threshold that only bitcoin meets at present.
Breaking New Ground In Public Finance
“New Hampshire is once again first in the nation!” Governor Ayotte declared on social media platform X. “Just signed a new law allowing our state to invest in cryptocurrency and precious metals.”
This announcement underscores the state’s commitment to financial innovation, with the House Republicans echoing the sentiment: “The Live Free or Die state is leading the way in forging the future of commerce and digital assets.”
The groundbreaking initiative was developed from a policy model created by the Satoshi Action Fund, a nonprofit organization advocating for bitcoin adoption.
Dennis Porter, the fund’s CEO, celebrated the achievement: “Satoshi Action drafted the model, New Hampshire engraved it into law, and now every treasurer nationwide can follow that roadmap.” Porter emphasized that the legislation demonstrates how states can “protect taxpayer money, diversify reserves, and future-proof state treasuries—all while embracing the most secure monetary network on Earth.”
State-Level Innovation And Federal Efforts
New Hampshire’s bold move comes as several other states have attempted similar legislation with mixed results.
Arizona saw its bitcoin reserve bill vetoed by Governor Katie Hobbs, who cited concerns about cryptocurrency volatility and its suitability for public investment. Florida recently withdrew its proposal, joining Montana, Wyoming, North Dakota, and Pennsylvania, where similar efforts have stalled or been abandoned. North Carolina remains in contention, with its initiative championed by a prominent lawmaker.
Notably, New Hampshire’s progress outpaces federal efforts in this arena. While US President Donald Trump issued an executive order to establish a national bitcoin reserve, the directive limited the stockpile to digital assets already owned by the government, with no provision for new purchases. In contrast, New Hampshire’s law explicitly authorizes fresh investments in qualifying cryptocurrencies.
The legislation includes provisions to ensure secure custody of acquired digital assets, mandating that they be held by the state treasurer using a secure custody solution or through an exchange-traded product. These safeguards address potential concerns about the security of public funds invested in cryptocurrency.
Porter believes New Hampshire’s success will catalyze similar initiatives nationwide: “The first one’s the hardest, by far. Having a state that’s already gotten it done, it’ll really increase the political momentum.” As this momentum builds, proponents suggest that widespread adoption of bitcoin reserves could significantly impact the cryptocurrency’s market value, currently trading around $94,800.
New Hampshire’s pioneering legislation represents more than a financial strategy—it signals a paradigm shift in how governments approach digital assets. By embracing bitcoin as a legitimate reserve asset, the state has initiated a movement that could reshape public finance across America.