In a bold and historic step, New Hampshire has officially become the first U.S. state to establish a cryptocurrency reserve, allowing a portion of public funds to be held in Bitcoin. The landmark decision has placed the state at the forefront of financial innovation and could spark similar initiatives across the country.
On May 6, 2025, Governor Kelly Ayotte signed House Bill 302 (HB 302) into law. The bill permits New Hampshire’s state treasurer to allocate up to 5% of public funds into digital assets and precious metals.
To qualify, cryptocurrencies must meet a high standard—a market cap of at least $500 billion. Right now, Bitcoin is the only crypto that fits the bill.
This makes New Hampshire the first U.S. state to actively invest public money in Bitcoin, as opposed to merely holding donated crypto or speculative assets.
The law ensures that security is a top priority. HB 302 requires that the cryptocurrency be held in one of the following ways:
- State-controlled multisignature wallets
- Qualified third-party custodians
- U.S.-regulated exchange-traded products (ETPs)
This means the state won’t be storing coins on a flash drive—it’s using secure, institutional-grade custody solutions.
While the Trump administration previously suggested creating a national Bitcoin reserve, New Hampshire’s approach goes further by actively buying Bitcoin, not just declaring existing government-owned crypto assets as a “reserve.”
This proactive investment strategy could serve as a blueprint for other states looking to diversify their portfolios and hedge against inflation.
“This is more than just a political gesture—it’s an actual reallocation of taxpayer funds into a decentralized, deflationary asset,” noted a policy analyst at the Satoshi Action Fund, a non-profit that helped draft the legislation.
The move has been widely praised by crypto advocates. Dennis Porter, CEO of the Satoshi Action Fund, which helped write HB 302, called it a “blueprint for every state.”
“HB 302 proves you can protect taxpayer money, diversify reserves, and future-proof state treasuries—all while embracing the most secure monetary network on Earth,” said Porter.
The bill is already being circulated among lawmakers in other states considering similar legislation.
The timing of the announcement coincided with a bullish market shift. Bitcoin climbed 3.6% to $97,014, driven in part by growing optimism about U.S. policy and this latest show of institutional support.
Many analysts believe New Hampshire’s move could bolster long-term investor confidence and help normalize the idea of governments—including local ones—holding Bitcoin.
Other states—such as Montana, Florida, Wyoming, Pennsylvania, and North Dakota—have floated similar ideas but failed to get legislation over the finish line.
Now, with New Hampshire setting the precedent, there may be renewed momentum.
Financial analysts say it’s only a matter of time before other fiscally conservative or tech-forward states follow suit, especially those looking for long-term inflation hedges or alternative reserve assets.
The New Hampshire state treasurer will now determine how and when to begin purchasing Bitcoin and implementing custody arrangements. Given the law’s 5% limit, this could amount to tens of millions of dollars in crypto purchases, depending on the size of the treasury’s holdings.
Observers are watching closely to see whether the reserve will be used as a passive asset or if the state intends to participate in governance or lending frameworks in the future.
New Hampshire’s groundbreaking legislation is more than just a political win for Bitcoin—it’s a tangible shift toward state-level adoption of digital assets.
As trust in traditional financial systems continues to waver for some investors and policymakers, moves like this could signal the beginning of a broader transition to a crypto-integrated future in public finance.
Whether this is the start of a trend or a one-off experiment, one thing is clear: New Hampshire just made crypto history.