New Hampshire has made history by becoming the first US state to establish a Bitcoin Strategic Reserve, allowing investment of up to 5% of public funds in cryptocurrency. This groundbreaking crypto reserve law specifically targets digital assets with a market capitalization of at least $500 billion—a threshold currently only Bitcoin meets. While similar efforts in Arizona and Florida have faced setbacks, New Hampshire successfully passed this legislation when Governor Kelly Ayotte signed it into law on May 6, 2025. After the 60-day implementation period, you'll see the state begin accumulating Bitcoin as part of its treasury, though all assets must be kept in US-regulated custody for security. This pioneering move, inspired by the Satoshi Action model, could certainly trigger a nationwide wave of bitcoin reserve adoption, as over 20 similar bills have already been introduced across the country. Throughout this article, you'll discover why this development marks a significant milestone in state-level cryptocurrency legislation and what it might mean for the future of public finance.

Why New Hampshire’s Move is a Historic First

The legislative milestone achieved by New Hampshire represents a watershed moment in state-level cryptocurrency adoption. By passing House Bill 302, the Granite State has blazed a trail that many others attempted but failed to establish.

The first state to pass a bitcoin reserve bill

New Hampshire's pioneering legislation breaks new ground in public finance management. The Bitcoin Strategic Reserve bill passed both legislative chambers with strong bipartisan support before landing on Governor Ayotte's desk. What makes this achievement particularly noteworthy is that it establishes a clear framework for cryptocurrency integration into traditional state treasury operations. Furthermore, the bill creates a structured approach to digital asset management, requiring regular reporting and transparent oversight mechanisms to ensure accountability.

Context of failed attempts in other states

Prior to New Hampshire's success, several states had attempted similar legislation without positive results:

• Arizona's Senate Bill 1236 proposed allowing tax payments in cryptocurrency but was vetoed by Governor Katie Hobbs
• Florida's initiative to hold Bitcoin as a treasury asset faced regulatory hurdles and was ultimately halted
• Wyoming, despite its crypto-friendly reputation, couldn't advance its reserve bill past initial readings

These previous failures highlight how significant New Hampshire's achievement truly is. Additionally, the political landscape in most states remained hesitant toward cryptocurrency adoption, with concerns about volatility and regulatory uncertainty derailing potential progress.

The significance of HB 302

HB 302 stands apart from previous attempts in several crucial ways. Initially, the bill focuses exclusively on Bitcoin rather than attempting to include multiple cryptocurrencies, thereby avoiding complications with securities classifications that troubled earlier proposals. Moreover, the legislation includes strict custody requirements, ensuring all digital assets remain in US-regulated custody solutions.

The bill's 5% investment cap demonstrates a measured approach that balances innovation with fiscal responsibility. In contrast to earlier failed attempts, New Hampshire's legislation provides a realistic implementation timeline with the 60-day preparation period.

Beyond the immediate impact, this legislation serves as a potential template for other states. Given that approximately 20 similar bills have been introduced across the country, many legislatures will undoubtedly study New Hampshire's approach as they formulate their own crypto reserve strategies. Consequently, this first successful passage could trigger a domino effect of state-level Bitcoin adoption nationwide.

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Inside the NH Bitcoin Strategic Reserve Bill

House Bill 302 outlines specific parameters for New Hampshire's pioneering cryptocurrency investment strategy, establishing clear boundaries for what qualifies as an eligible digital asset.

Eligibility criteria for digital assets

First and foremost, the legislation sets a stringent market capitalization requirement. For any digital asset to qualify for state investment, it must maintain a market capitalization exceeding USD 500 billion averaged over the previous calendar year. At present, Bitcoin stands alone as the only cryptocurrency meeting this threshold. This deliberate limitation effectively eliminates speculative altcoins from consideration.

Alongside market cap requirements, the bill mandates robust security measures. All digital assets must be held using one of three approved custody methods:

• A state-controlled multisignature wallet
• A qualified custodian (defined as a federal or state-chartered bank, trust company, or special purpose depository institution)
• US-regulated exchange-traded products (ETPs)

Investment limits and diversification goals

In accordance with the legislation, the state treasurer cannot allocate more than 5% of total public funds toward digital assets. This cap applies to money from the general fund, revenue stabilization fund (also known as the Rainy Day Fund), and any other funds authorized by the legislature.

Most importantly, this measured approach reflects a strategic diversification goal. As expressed by Representative Keith Ammon, the bill's architect, this reserve "embraces financial innovation and helps diversify the state's investments to mitigate inflation caused by the federal government's unending money printing".

Timeline for implementation

The statute takes effect precisely 60 days after its passage, providing New Hampshire's treasury department sufficient time to establish operational protocols for procurement, custody, and oversight. Indeed, this implementation window allows officials to finalize the technical infrastructure needed to securely manage digital assets before any investments begin.

How Much Could New Hampshire Invest in Bitcoin, Gold, and Silver?

Under House Bill 302, New Hampshire has authorized its state treasurer to invest up to 5% of public funds—specifically from the General Fund and other legislatively approved sources—into a combination of digital assets and precious metals, such as Bitcoin, gold, and silver. The actual dollar amount this 5% represents depends on which pools of state money are included in the calculation.

Based on official fiscal year 2025 estimates from the New Hampshire Office of Legislative Budget Assistant:

• General Fund: $1.89 billion
• Other Funds: $1.49 billion
• Combined Total: $3.38 billion

This implies that the total amount eligible for investment in Bitcoin and precious metals ranges from a conservative estimate of $96 million (5% of the General Fund only) to a maximum of approximately $169 million (5% of both the General Fund and Other Funds).

As written, the law does not mandate how the 5% should be split among Bitcoin, gold, or silver. That decision will rest with the treasurer and future guidance from the legislature or relevant oversight bodies. However, given Bitcoin is currently the only digital asset with a market cap over $500 billion, it stands to be the digital centerpiece of the reserve strategy—while gold and silver serve as traditional inflation hedges.

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The People and Organizations Behind the Law

Behind every groundbreaking legislation stands a dedicated coalition of advocates and lawmakers. The passage of New Hampshire's Bitcoin Strategic Reserve bill was driven by key political champions working alongside advocacy organizations with a national vision.

Rep. Keith Ammon and Majority Leader Jason Osborne

Representative Keith Ammon (R-Hillsborough 40) spearheaded this legislative effort as the primary sponsor, bringing years of pro-Bitcoin advocacy to the table. Ammon's motivation stemmed from economic concerns, as he described the initiative as a "hedge against inflation" for the state. "If the federal government managed the dollar better, we wouldn't need to be considering these things. But inflation is eating our lunch," Ammon explained.

His efforts were substantially bolstered by House Majority Leader Jason Osborne, who strategically navigated the bill through the complex legislative process. The duo's persistence paid off when Governor Ayotte signed the legislation, with Osborne present for the historic moment. Their partnership exemplifies how political leadership was essential to transforming an innovative concept into state law.

Satoshi Action Fund's model and advocacy

The Satoshi Action Fund provided the intellectual framework that made this legislation possible. Led by CEO and co-founder Dennis Porter, this nonprofit policy organization drafted the model that New Hampshire ultimately adopted. "Satoshi Action drafted the model, New Hampshire engraved it into law, and now every treasurer nationwide can follow that roadmap," Porter stated.

The organization's influence extends well beyond New Hampshire:

• They've helped pass six pro-Bitcoin laws nationwide
• Over 20 Bitcoin reserve bills have been introduced across the country using their model
• Their advocacy has generated more than 220,000 constituent letters supporting such initiatives

Porter noted that "the first one's the hardest, by far," suggesting that New Hampshire's success will accelerate adoption elsewhere.

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The Bigger Picture: National and Global Implications

New Hampshire's pioneering legislation mirrors a broader national movement toward cryptocurrency adoption, signaling potential shifts in how governments view digital assets as strategic holdings.

How this aligns with Trump's crypto reserve vision

President Trump's March 2025 Executive Order established a Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile at the federal level. Unlike New Hampshire's approach, the federal initiative primarily focuses on utilizing Bitcoin already in government possession from civil and criminal forfeitures. The Executive Order emphasizes that "there is a strategic advantage to being among the first nations to create a strategic bitcoin reserve". Similarly, the order specifies that government Bitcoin deposited into the Strategic Bitcoin Reserve "shall not be sold and shall be maintained as reserve assets".

Federal proposals like the BITCOIN Act

Senator Cynthia Lummis's BITCOIN Act represents an even more ambitious approach:

• Implementation of a 1-million-unit Bitcoin purchase program (approximately 5% of total supply)
• Establishment of secure Bitcoin vaults operated by the Treasury Department
• Funding through diversification of existing Federal Reserve and Treasury funds

This legislation would mirror "the size and scope of gold reserves held by the United States". As Senator Tuberville noted, "There's no reason why we shouldn't use Bitcoin to pay down our national debt".

Could other states follow New Hampshire's lead?

Despite failed attempts in Montana, Wyoming, North Dakota, Pennsylvania, and Florida, momentum appears to be building. According to Bitcoin Laws data, 37 of 50 states have introduced similar proposals. Presently, Arizona stands as the best contender for adopting the second Strategic Bitcoin Reserve bill. North Carolina remains another strong possibility due to championing by a prominent lawmaker.

Dennis Porter of the Satoshi Action Fund aptly observed: "The first one's the hardest, by far. Having a state that's already gotten it done, it'll really increase the political momentum". This suggests New Hampshire's success might trigger what some analysts describe as a "global race" to accumulate Bitcoin, potentially igniting "a national wave of Bitcoin adoption at the state treasury level".

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New Hampshire's SBR is just the beggining

New Hampshire's groundbreaking Bitcoin Strategic Reserve legislation marks a watershed moment in cryptocurrency adoption at the state government level. This pioneering move demonstrates how traditional government institutions can embrace digital assets while maintaining fiscal responsibility through the 5% investment cap. Indeed, the bipartisan support for House Bill 302 suggests a shifting perspective on Bitcoin's potential role in public finance.

The success achieved by Representative Keith Ammon and Majority Leader Jason Osborne, undoubtedly creates a viable template for other states to follow. Their partnership with advocacy groups like the Satoshi Action Fund proved essential for navigating complex legislative hurdles that previously derailed similar efforts in other states.

Above all, this legislation signals the beginning of what many experts predict could become a competitive race among states to accumulate Bitcoin reserves. The strict eligibility criteria focusing exclusively on assets with market caps exceeding $500 billion demonstrates a measured, security-conscious approach rather than speculative investment.

Nevertheless, questions remain about how this state-level initiative will interact with federal proposals like the BITCOIN Act and President Trump's Executive Order establishing a national Strategic Bitcoin Reserve. These parallel developments at different government levels highlight Bitcoin's growing legitimacy as a strategic asset class.

Finally, while New Hampshire stands alone today as the pioneer in state-level Bitcoin reserves, you might soon witness dozens of states following this path. The domino effect has already begun, with approximately 25 similar bills introduced across the country. Therefore, this historic first step by the Granite State could ultimately reshape how governments worldwide approach treasury management in the digital age.

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