A First for the Nation: Bitcoin Enters New Hampshire’s Treasury
In a historic move, New Hampshire Governor Kelly Ayotte signed House Bill 302 into law on Tuesday, officially enabling the state to invest in Bitcoin. This groundbreaking legislation makes New Hampshire the first U.S. state to authorize the inclusion of digital assets in public reserves.
The bill, introduced in January 2025, allows the state treasurer to allocate up to 5% of public funds into either precious metals or digital assets with a minimum average market cap of $500 billion. At present, only Bitcoin qualifies under that threshold.
New Hampshire is once again First in the Nation! 🎉
— Governor Kelly Ayotte (@KellyAyotte) May 6, 2025
Just signed a new law allowing our state to invest in cryptocurrency and precious metals. pic.twitter.com/ua9bawZKbM
New Hampshire is once again First in the Nation! 🎉
— Governor Kelly Ayotte (@KellyAyotte) May 6, 2025
Just signed a new law allowing our state to invest in cryptocurrency and precious metals. pic.twitter.com/ua9bawZKbM
From Bill to Bitcoin: Inside the State’s Strategy
As of the end of 2024, New Hampshire’s treasury held approximately $3.62 billion in assets. That means, under this law, the state could potentially invest up to $181 million into Bitcoin — which translates to roughly 1,194 BTC at today’s price of $94,575.
The law gives the state flexibility in how it holds its Bitcoin:
- Direct self-custody by the treasury.
- Via a qualified custodian.
- Through regulated exchange-traded products (ETPs).
In reality, the state is expected to start conservatively by investing through regulated Bitcoin ETFs, like those offered by Fidelity.
New Hampshire Takes the Lead—Others Lag Behind
While New Hampshire is first to get such a bill across the finish line, many states have tried—and failed—to do the same. Just last week, Arizona Governor Katie Hobbs vetoed a similar bill despite strong support in both chambers. At the federal level, President Donald Trump recently signed an executive order establishing a national strategic Bitcoin reserve and a separate digital asset stockpile, signaling growing mainstream support for crypto at government levels.
What’s Next for the Granite State?
New Hampshire’s move could set a precedent for other states looking to diversify reserves and hedge against inflation using scarce digital assets like Bitcoin. As macroeconomic uncertainty and rising debt levels loom, state-level Bitcoin adoption may become a trend to watch in 2025. Meanwhile, Bitcoin remains relatively stable at $94,575, still about 13% below its all-time high of $108,786 set in January.
