New Hampshire Becomes First U.S. State to Establish Bitcoin Reserve Fund

New Hampshire Becomes First U.S. State to Establish Bitcoin Reserve Fund

In a landmark move that positions New Hampshire at the forefront of digital finance policy, Governor Kelly Ayotte has signed House Bill 302 (HB 302) into law, authorizing the creation of a state-held digital asset reserve. With this action, New Hampshire becomes the first state in the U.S. to legally allow part of its treasury to be held in Bitcoin and other large-cap digital assets.

Slated to take effect in 60 days, the legislation establishes a framework for the state treasury to diversify holdings through limited digital asset investments, signaling a strategic shift toward modern financial tools while maintaining fiscal prudence.

Controlled Exposure to Mitigate Risk

Under HB 302, the State Treasurer is empowered to invest in digital assets—provided the asset has a market capitalization of at least $500 billion. Currently, only Bitcoin qualifies under this threshold. The law imposes a strict cap on exposure, limiting digital asset holdings to no more than 5% of the state’s total reserves. This constraint ensures that the digital portfolio supplements rather than disrupts traditional reserve strategies.

To safeguard public funds, the law mandates the use of secure, U.S.-regulated custody solutions. These include state-controlled multisignature wallets, federally qualified custodians, or exchange-traded products that are registered and regulated within the United States. This emphasis on regulatory compliance and transparency reinforces the legislation’s commitment to accountability and taxpayer protection.

A Blueprint for Digital Policy

The bill draws heavily from a policy framework developed by Satoshi Action, an advocacy group promoting responsible digital asset legislation. Representative Keith Ammon, a known supporter of cryptocurrency innovation, introduced the bill in 2022. House Majority Leader Jason Osborne and the New Hampshire Blockchain Council, headed by Ian Hueyett, were instrumental in building legislative momentum and stakeholder support.

New Hampshire’s approval of HB 302 stands in contrast to outcomes in other states. Arizona’s similar bill was vetoed at the gubernatorial level, while Florida opted to shelve its proposal. North Carolina remains the only other state actively pursuing comparable legislation, driven by interest from state lawmakers.

With HB 302 now law, New Hampshire not only pioneers a new fiscal strategy but also sets a precedent for other states exploring the integration of blockchain technology into public finance.