New Hampshire Becomes First U.S. State to Launch Bitcoin Treasury Reserve

The legislation, introduced in January by Republican Representative Keith Ammon, marks a pivotal step in New Hampshire’s long-standing efforts to position itself as a pro-crypto jurisdiction. The bill allows the state to allocate funds not only into Bitcoin, but also into any digital asset with a market capitalization exceeding $500 billion, an elite club currently occupied only by Bitcoin.

Governor Ayotte announced the bill’s signing on social media, declaring: “New Hampshire is once again First in the Nation! Just signed a new law allowing our state to invest in cryptocurrency and precious metals.” The phrase “First in the Nation” is not just political branding, it’s a nod to New Hampshire’s history of policy innovation, from primary elections to libertarian financial reforms.

Under HB 302, the state treasurer is now empowered to invest public funds in assets such as gold, silver, and Bitcoin, provided these meet the necessary criteria. The bill outlines custody solutions to securely manage digital assets, including direct custody by the state, use of qualified custodians, or Bitcoin-backed exchange-traded products (ETPs).

The bill garnered bipartisan momentum throughout the legislative process. On March 5, the House Commerce and Consumer Affairs Committee advanced it with a decisive 16-1 vote, leading to an overwhelming full House approval in April. The strong support contrasted sharply with developments in other states.

Just days before HB 302 was signed, Arizona Governor Katie Hobbs vetoed a similar proposal, citing concerns over volatility and lack of regulatory clarity. Florida, another Republican-led state with strong ties to crypto, recently withdrew two bills that would have allowed for the creation of a digital asset reserve fund. As such, New Hampshire’s successful passage and implementation of HB 302 positions it as a trailblazer in digital treasury diversification.

Crypto policy think tanks have hailed this as a "watershed moment" for state-level digital finance adoption, asserting that it could serve as a blueprint for both state and municipal investment strategies across the U.S.

Despite the optimism, some experts caution that the volatility of Bitcoin could pose challenges for long-term public financial planning. To address this, the bill includes provisions requiring the state treasurer to conduct thorough risk assessments before executing any crypto investments. Additionally, HB 302 mandates annual reporting on the performance and security of any digital assets held by the state.

The legislation also limits exposure by capping crypto investments at 5% of the total state reserve portfolio, thereby reducing the potential for high-impact losses while still allowing the state to benefit from potential price appreciation.

The move comes as institutional interest in Bitcoin continues to grow. With the success of spot Bitcoin exchange-traded funds (ETFs) launched in early 2024, asset managers such as BlackRock, Fidelity, and Ark Invest have collectively poured billions into BTC-backed products. These developments have lent Bitcoin a newfound legitimacy in both government and corporate finance.

HB 302 will officially go into effect 60 days after its signing. In the coming weeks, the New Hampshire Treasury Department is expected to announce the hiring of consultants and custodians to manage the transition into digital asset management. Implementation guidelines will also be issued to ensure transparency, compliance, and cybersecurity.

With this move, New Hampshire has not only made U.S. history, it may also have laid the groundwork for a broader shift in how governments manage reserves in the digital age.

As the rest of the nation watches closely, one thing is clear: the Granite State has just carved out a bold new role in America’s financial future.