- New Hampshire passed HB 302, becoming the first US state to establish a Bitcoin reserve.
- The law caps crypto exposure at 5% of public funds and requires assets be held via a qualified custodian or regulated investment product.
New Hampshire just legalised the use of state cash for Bitcoin (BTC), beating every other state to a formal crypto reserve.
Governor Kelly Ayotte signed House Bill 302 on 6 May, giving New Hampshire’s treasury authority to place state funds in assets with market capitalisations above US$500B (AU$768B) and in precious metals.
Only Bitcoin qualifies, hence creating the first state‑backed Bitcoin reserve in the United States.
Related: Vitalik Buterin Calls for Simpler Ethereum, Inspired by Bitcoin’s Design
The interesting thing about this is that it goes beyond (and against) the federal approach. While Trump did not set a specific dollar or Bitcoin limit for states, it prohibits the federal government from buying new assets to its reserves.
New Hampshire Takes the Lead
The bill was introduced in January this year and passed by both chambers. This bill caps crypto exposure at five percent of public funds. Moreover, the asset should be held on behalf of a qualified custodian, or an exchange-traded product issued by a regulated investment firm.
Ayotte announced the measure on X, saying it allows the state to “invest in cryptocurrency and precious metals”. Republican lawmakers posted that the “Live Free or Die” state is “leading the way in forging the future of commerce and digital assets”.
Related: Arthur Hayes Says US Unlikely to Boost Bitcoin Reserves Amid Debt and Image Concerns
Meanwhile, other states faltered. Arizona cleared a bill but Governor Katie Hobbs vetoed it. Oklahoma, South Dakota, Montana, North Dakota, Pennsylvania, and Wyoming all abandoned similar plans. North Carolina still has an active proposal backed by senior leadership.
Just recently, the state of Florida decided to “indefinitely postpone and withdraw from consideration” two bills that would authorise the state to invest in Bitcoin.
State initiatives mirror Washington’s agenda. In March, President Donald Trump signed an executive order authorising a “Digital Asset Stockpile” and a “Strategic Bitcoin Reserve”.
Parallel legislation is moving through Congress as Senator Cynthia Lummis’s BITCOIN Act would let the government amass more than one million BTC via civil and criminal forfeitures. The bill sits with the Senate Banking Committee.
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