New Hampshire has enacted America’s first state-level Strategic Bitcoin Reserve law, establishing a framework to allocate a portion of state funds to Bitcoin (BTC) and select digital assets.
Governor Kelly Ayotte signed HB 302 into law on May 6, authorizing the state treasurer to hold Bitcoin in a regulated reserve structure. The model policy, developed by the nonprofit organization Satoshi Action Fund, aims to formalize the use of Bitcoin as a financial reserve asset for state governments.
The legislation, introduced by Rep. Keith Ammon (R-Hillsborough 40), was initially proposed in 2022 and passed with support from Majority Leader Jason Osborne, the New Hampshire Blockchain Council, and other local advocates.
The law allows the treasurer to purchase Bitcoin and other digital assets with a market capitalization exceeding $500 billion, which currently includes only Bitcoin.
Holdings are capped at 5% of the state’s reserve portfolio, and US-regulated custody arrangements must secure it.
Ayotte confirmed the law’s signing on social media, saying:
“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 New Hampshire House Republicans echoed the governor’s remarks, posting that “the Live Free or Die state is leading the way in forging the future of commerce and digital assets.”
A state-controlled multi-signature scheme, a qualified custodian, or a US-based exchange-traded product will hold the assets, ensuring compliance and transparency. The statute takes effect 60 days from enactment.
Dennis Porter, CEO of Satoshi Action Fund, also issued a statement, describing HB 302 as a blueprint for national adoption.
Growing movement
With this approval, New Hampshire becomes the first US state to enact legislation establishing a Strategic Bitcoin Reserve.
According to Bitcoin Laws data, 37 of 50 states have introduced similar legislative proposals, but most proposals have faltered so far. The remaining 13 states have yet to file legislation regarding state-level Bitcoin reserves.
Satoshi Action Fund drafted more than 20 similar bills nationwide and has advocated for Bitcoin-based reserves to diversify treasury strategies.
The organization reported having supported the passage of six pro-Bitcoin state laws to date and claims more than 220,000 constituent letters have been generated to support such initiatives nationwide.
HB 302 positions New Hampshire as the test case for broader state-level Bitcoin adoption.
SBR race
According to the “State Reserve Race” tracker from Bitcoin Laws, Arizona is the best contender for a second Strategic Bitcoin Reserve bill enacted as law.
On May 1, the Senate majority recommended concurrence with the House amendments to Arizona’s SB 1373. The Senate will now transmit the bill for review by the House chamber, which could then go to the governor’s desk.
North Carolina and Texas are trailing right behind, with their crypto reserves proposals currently being presented to the Senate committee for a second review.
By establishing a legal reserve policy and setting operational parameters, New Hampshire has introduced the first enforceable framework for holding Bitcoin in public treasury accounts in the US.
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