New Hampshire Passes First U.S. Bitcoin Reserve Law in 2025: What It Means

On May 6, 2025, New Hampshire became the first U.S. state to enact a Strategic Bitcoin Reserve law, a landmark move that authorizes the state treasurer to invest in Bitcoin (BTC) as part of its financial reserves. Signed into law by Governor Kelly Ayotte, House Bill 302 (HB 302) allows the state to allocate up to 5% of specific public funds to Bitcoin and other digital assets with a market capitalization exceeding $500 billion—a threshold currently met only by Bitcoin. This legislation, developed with input from the Satoshi Action Fund, positions New Hampshire as a pioneer in state-level cryptocurrency adoption and may set a precedent for other states exploring similar initiatives.

What Is HB 302? New Hampshire’s Bitcoin Reserve Law Explained

Introduced by Representative Keith Ammon in January 2025, HB 302 permits the state treasurer to invest in Bitcoin directly or through a U.S.-regulated exchange-traded product (ETP), such as a Bitcoin ETF. The law caps digital asset holdings at 5% of the state’s reserve portfolio to ensure diversified fiscal management and mandates secure custody through state-controlled multisignature wallets, qualified custodians, or ETPs. The legislation takes effect 60 days from its signing, giving the treasury time to establish protocols for procurement, custody, and oversight.

Legislative Journey and Bipartisan Support for HB 302

The bill passed the New Hampshire House in a 192-179 vote earlier in April and cleared the Senate Finance Committee with a 4-1 vote on April 23, reflecting bipartisan support. Governor Ayotte announced the signing on X, stating, “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 this sentiment, noting that “The Live Free or Die state is leading the way in forging the future of commerce and digital assets.”

Satoshi Action Fund’s Role in Pro-Bitcoin Legislation

The Satoshi Action Fund, a nonprofit focused on advancing pro-Bitcoin legislation, played a pivotal role in drafting HB 302’s model policy. The organization, led by CEO Dennis Porter, has supported over 20 similar bills across the U.S., with New Hampshire’s law marking the first to establish an official Bitcoin reserve fund. “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,” Porter said in a statement. The group claims to have facilitated six pro-Bitcoin state laws nationwide and generated over 220,000 constituent letters to support such initiatives.

Other U.S. States Following New Hampshire’s Lead in 2025

New Hampshire’s move comes amid growing interest in Bitcoin as a reserve asset among U.S. states. Arizona, Illinois, Maryland, Michigan, and Texas are exploring similar legislation, many based on Satoshi Action’s model. Arizona, in particular, is seen as a strong contender to follow New Hampshire, with its Senate Bill 1373 awaiting final legislative review before reaching Governor Katie Hobbs’ desk. However, Arizona’s earlier bill, SB 1025, was vetoed due to its inclusion of state retirement funds, highlighting potential hurdles for other states.

State SBR bills progresses; Source: BitcoinLaws

Federal Bitcoin Reserve Initiatives: Trump’s Executive Order

At the federal level, Senator Cynthia Lummis’ BITCOIN Act, which proposes a national Bitcoin reserve of up to 1 million BTC, is under review, and President Donald Trump signed an executive order in March 2025 to establish a federal Strategic Bitcoin Reserve using seized assets. These developments underscore Bitcoin’s growing acceptance as a financial asset, though New Hampshire’s proactive approach sets it apart. Unlike proposals that rely on executive actions or temporary policies, HB 302 codifies the Strategic Bitcoin Reserve as state law, ensuring its permanence unless repealed by future legislation, making it resistant to administrative reversal.

Benefits of Bitcoin Reserves for States

HB 302 positions New Hampshire as a test case for state-level Bitcoin reserves, potentially attracting blockchain innovation and diversifying public asset portfolios. The law’s emphasis on regulated custody and a conservative 5% cap addresses concerns about volatility, setting a balanced framework for other states to emulate. As Representative Ammon noted, the $500 billion market cap threshold ensures the state treasurer avoids speculative assets like memecoins, while the legislation avoids “picking winners” by not explicitly naming Bitcoin, maintaining neutrality in asset selection.

As the law takes effect in July 2025, New Hampshire’s treasury will begin operationalizing the reserve, potentially influencing other states like Arizona and Texas. Ammon views the Bitcoin reserve as a strategy to mitigate the United States’ excessive debt and inflation. As the first state to pass a Bitcoin reserve bill, New Hampshire’s implementation and the evolving regulatory landscape are expected to significantly influence other states’ decisions.

The passage of the first U.S. state-level Bitcoin reserve bill has contributed to an uptick in Bitcoin’s price. Coupled with news of China and the U.S. moving toward cooperation and negotiations on tariff issues, Bitcoin’s price rose 2.3% over the past 24 hours, reaching a high of $97,511 during that period.