New Hampshire is now the first state in the U.S. to allow its treasury to invest in bitcoin. Governor Kelly Ayotte signed House Bill 302 (HB 302) into law. This is a big step towards mainstreaming bitcoin into public finance.
The bill allows the New Hampshire State Treasurer to invest up to 5% of the state’s funds into digital assets with a market cap of over $500 billion. Currently only bitcoin meets that requirement so it’s the only digital asset eligible to be purchased under this law.
The bill also allows investment in precious metals, namely gold, silver and platinum.
“New Hampshire is once again First in the Nation!” Governor Ayotte posted on X. “Just signed a new law allowing our state to invest in cryptocurrency and precious metals.”
Supporters of the bill see it as a way for the state to diversify its reserves and protect against inflation. Representative Keith Ammon who introduced the bill in January 2025 said it’s a “hedge against inflation”.
In an interview he said, “If the federal government managed the dollar better, we wouldn’t need to be considering these things. But inflation is eating our lunch. And this is one little way our state could hedge against inflation in the future.”
As of the end of 2024, New Hampshire’s treasury had around $3.62 billion. If the full 5% were invested in bitcoin the state could buy approximately 1,865 BTC at current prices.
To ensure the safety of these public funds, HB 302 has strict rules for how the bitcoin must be stored.
The law requires digital assets to be stored in U.S.-regulated custody—either in a state-controlled multisignature wallet, with a qualified custodian or through an exchange-traded product (ETP) listed in the U.S.
Rep. Ammon said the state would likely start by investing in a Bitcoin ETF such as one managed by Fidelity instead of self custody which can be complex and risky. “I don’t know if they’re comfortable with self-custody at this point” he said.
The idea for the bill was inspired by Satoshi Action Fund, a nonprofit that advocates for Bitcoin in public policy. Dennis Porter, CEO and Co-Founder of the group said:
“Satoshi Action wrote the model, New Hampshire engraved it into law, and now every treasurer nationwide can follow that roadmap. HB 302 proves you can protect taxpayer money, diversify reserves, and future-proof state treasuries—all while embracing the most secure monetary network on Earth.”
Now other states can follow New Hampshire’s lead. Texas, North Carolina and Arizona have all explored similar legislation. But in some states, the bills have stalled or been vetoed.
In Florida, the proposed bitcoin reserve bill faced “indefinite postponement”, while Arizona’s Governor Katie Hobbs vetoed a similar bill, citing bitcoin’s volatility.
