First US State Bitcoin Strategic Reserve Goes Live in New Hampshire, Allocating 5% of Treasury to BTC
May 7, 2025
New Hampshire has become the first U.S. state to authorize a government-held Bitcoin and digital asset reserve.
Governor Kelly Ayotte has officially signed House Bill 302 (HB 302) into law, creating a digital reserve fund. This new law allows the state to hold a limited portion of its treasury in Bitcoin or similarly large-cap digital assets. This measure comes as part of a broader movement among several U.S. states exploring cryptocurrency-based fiscal diversification. Notably, the bill takes effect in 60 days, establishing a timeline for state implementation and operational readiness.
Policy Framework Limits Risk
The new law permits the New Hampshire State Treasurer to acquire Bitcoin or other digital assets, provided their market capitalization exceeds $500 billion. As of now, Bitcoin remains the only qualifying asset under this criterion. However, the legislation includes a cap—holdings cannot exceed 5% of the state’s total reserves. This provision ensures a controlled approach, allowing diversification without significantly altering the state’s overall fiscal position.
To address asset security, HB 302 mandates custody through U.S.-regulated structures. These include state-controlled multisignature wallets, qualified custodians, or exchange-traded products registered in the U.S. This requirement emphasizes transparency and protection for taxpayer funds while aligning with existing regulatory standards. Moreover, the framework, originally proposed by Satoshi Action, aims to balance innovation with fiscal discipline.
Legislative Support
The bill in New Hampshire found support across several influential figures. Representative Keith Ammon, a longstanding cryptocurrency advocate, first introduced the Satoshi Action model bill in 2022. Majority Leader Jason Osborne played a critical role in moving the bill through the legislature. The New Hampshire Blockchain Council, led by Ian Hueyett, also contributed to sustained advocacy and outreach that supported the legislative process.
New Hampshire’s passage of the bill marks a departure from outcomes seen in other states. Arizona, for instance, advanced similar legislation to the governor’s desk, but the proposal was vetoed. Florida, meanwhile, chose to withdraw its related effort entirely. In contrast, North Carolina remains actively pursuing a comparable initiative, backed by a key state legislator.
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