New Hampshire Becomes First State to Officially Incorporate Bitcoin into State Government’s Strategic Reserves
On May 6, 2025, New Hampshire became the first state in the United States to officially pass legislation allowing Bitcoin to be included in the state government’s strategic reserves, setting a national precedent through the HB 302 bill.
(Background: See previous reports on the progress of cryptocurrency reserve bills in various U.S. states)
New Hampshire Incorporates Bitcoin into State Reserves
On the 6th, New Hampshire took a historic step, formally becoming the first state to permit the inclusion of Bitcoin and other specific digital assets in its government “strategic reserves.” This groundbreaking legislation, named HB 302, took effect earlier under the signature of Governor Kelly Ayotte.
New Hampshire is once again First in the Nation!
Just signed a new law allowing our state to invest in cryptocurrency and precious metals.
Details of the HB 302 Bill
According to the explanation, the core purpose of the bill is to authorize the state treasurer to include Bitcoin (BTC) and other qualifying digital assets, currently valued at over $500 billion, in the state’s reserves. As only Bitcoin currently meets the condition of exceeding a market value of $500 billion, the bill mainly targets Bitcoin reserves and will officially start implementation 60 days after the signing.
The HB 302 bill stipulates that the total investment in digital assets by the state government must not exceed 5% of the state’s total funds, aiming to effectively control potential market volatility risks and protect taxpayer funds.
According to recent data, New Hampshire’s total expenditures for the fiscal year 2026 are estimated to be $8.21 billion, with the state government expecting to have an unspecified fund balance of $45 million and a “rainy day fund” reserve of $212 million by the end of the fiscal year 2026.
Additionally, the bill imposes strict requirements on the custody of digital assets. All Bitcoin or other qualifying digital assets held by the state government must be custodied in a regulated environment in the United States. This includes using “multi-signature wallets” controlled by the state government, selecting qualified custodians, or investing in U.S.-registered and compliant exchange-traded products (such as Bitcoin spot ETFs).
Setting a Precedent for State Adoption of Digital Assets
This milestone legislation was successfully passed thanks to the relentless efforts of several key advocates, including state representative Keith Ammon, Majority Leader Jason Osborne, and Ian Huyett of the New Hampshire Blockchain Commission.
From a broader national perspective, New Hampshire’s action undoubtedly sets a powerful precedent. It may encourage other state governments in the United States to seriously consider or actively adopt similar digital asset reserve policies, potentially sparking a wave of state-level digital asset adoption.
Diverse Attitudes Toward Digital Assets Among U.S. States
Despite New Hampshire’s breakthrough progress, exploration and practice in the field of digital asset investment across U.S. states still exhibit a diverse array of challenges. For example, the governor of Arizona vetoed a bill last weekend aimed at allowing the state retirement fund to invest in Bitcoin, primarily due to concerns regarding this unverified investment category.
Other states, like North Carolina, are still considering allowing the state treasury to invest up to 5% of funds in cryptocurrency; while Wisconsin and Michigan have already permitted limited cryptocurrency investments within their state retirement fund portfolios. This indicates that although there is growing interest and concern at the state government level regarding digital assets, significant differences remain among states in terms of specific policy adoption, legislative processes, and responses to regulatory challenges.
Will the precedent set by New Hampshire successfully influence other states in the U.S., leading to a national trend? We will have to wait and see how time unfolds.
