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New Hampshire has become the first US state to allow its treasury to invest in crypto assets after Governor Kelly Ayotte signed House Bill 302 into law on May 6.
“New Hampshire is once again first in the Nation,” she said on X before adding, “Just signed a new law allowing our state to invest in cryptocurrency and precious metals.”
The law takes effect in 60 days, effectively allowing the state to begin accumulating Bitcoin. The asset climbed from $94,000 to an intraday high of $97,500, but that’s more likely related to the positive developments on the US-China tariff front.
New Hampshire is once again First in the Nation!
Just signed a new law allowing our state to invest in cryptocurrency and precious metals. pic.twitter.com/ua9bawZKbM
— Governor Kelly Ayotte (@KellyAyotte) May 6, 2025
5% Bitcoin Treasury Allocation
HB 302 was introduced in January. It authorizes the New Hampshire state Treasurer to purchase Bitcoin and other digital assets with market caps above $500 billion. However, only BTC currently qualifies, as the next largest, Ethereum, has just a $220 billion market capitalization.
Holdings are capped at 5% of total state funds to maintain a balanced investment strategy, and all assets must be kept in US-regulated custody through state-controlled multisignature wallets, qualified custodians, or exchange-traded products.
The legislation aims to diversify state reserves while maintaining fiscal responsibility and transparency.
“The Live Free or Die state is leading the way in forging the future of commerce and digital assets,” commented New Hampshire Republicans on X.
The bill was modeled after Satoshi Action’s policy framework, and the organization has supported six pro-Bitcoin laws and over 20 similar bills nationwide.
“The odds of multiple states passing Strategic Bitcoin Reserve legislation into law just went up by a massive amount today,” commented Satoshi Action Fund founder Dennis Porter.
State Reserve Race Update
New Hampshire becomes the first state to enact Bitcoin Reserve legislation!
Governor Ayotte signed HB 302 into law this morning. https://t.co/LVj4BF2bXU pic.twitter.com/4vvnbqY51p
— Bitcoin Laws (@Bitcoin_Laws) May 6, 2025
Florida and Arizona Step Backwards
The move comes just days after Florida’s legislature dropped two similar crypto investment bills. Florida’s House Bill 487 and Senate Bill 550 have been “indefinitely postponed and withdrawn from consideration,” according to the Senate.
The bills, which were introduced in February, would have allowed Florida’s chief financial officer and the State Board of Administration to invest up to 10% of certain state funds into Bitcoin.
Arizona also took a step backward when Governor Katie Hobbs vetoed a similar bill, HB 1025, and labelled digital assets “untested investments” on May 3.
The state has another chance to establish a Bitcoin reserve, as similar legislation, HB 1371, has yet to reach a final vote. However, it is unlikely that the Arizona Governor’s opinion of crypto assets will change in such a short period.
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