New Hampshire Enacts Pioneering State Law for Strategic Bitcoin Reserve

New Hampshire has passed legislation creating the nation’s first state-level Strategic Bitcoin Reserve, aiming to allocate a portion of state funds to Bitcoin (BTC) and certain other digital assets.

On May 6, Governor Kelly Ayotte signed HB 302, which allows the state treasurer to maintain Bitcoin within a regulated reserve framework. This policy model was created by the nonprofit Satoshi Action Fund, focusing on integrating Bitcoin as a reserve asset for state finances.

The bill was introduced by Rep. Keith Ammon (R-Hillsborough 40), initially proposed in 2022, and received backing from Majority Leader Jason Osborne and the New Hampshire Blockchain Council, alongside other local advocates.

Under the new law, the treasurer can buy Bitcoin and other digital assets that have a market cap of over $500 billion, which currently applies only to Bitcoin.

The law stipulates that the maximum holding of such assets cannot exceed 5% of the state’s reserve portfolio, and they must be secured through US-regulated custody arrangements.

Ayotte confirmed the signing of the law via social media, stating that New Hampshire continues to lead the nation by enabling state investment in cryptocurrency and precious metals.

New Hampshire House Republicans echoed these sentiments, affirming that the state is at the forefront of evolving commerce and digital assets.

Assets will be held in a state-controlled multi-signature setup, managed by a qualified custodian or a US-based exchange-traded product, ensuring compliance and accountability. This statute will be effective 60 days after its enactment.

Dennis Porter, CEO of Satoshi Action Fund, remarked on HB 302, viewing it as a model for potential national implementation.

By achieving this milestone, New Hampshire is the first state in the US to implement legislation that creates a Strategic Bitcoin Reserve.

Data from Bitcoin Laws indicates that 37 out of 50 states have introduced similar legislative measures, though many of those efforts have stalled. The remaining 13 states have not yet proposed any laws concerning state-level Bitcoin reserves.

Satoshi Action Fund has drafted over 20 similar bills and has promoted Bitcoin-based reserves to enhance treasury diversification strategies.

The organization claims to have supported the enactment of six pro-Bitcoin laws and reports generating more than 220,000 letters from constituents advocating for these initiatives across the country.

With HB 302, New Hampshire could serve as a model for broader adoption of Bitcoin reserves at the state level.

The “State Reserve Race” tracker from Bitcoin Laws identifies Arizona as the leading candidate to pass a second Strategic Bitcoin Reserve law.

On May 1, the Senate majority recommended concurring with the House’s amendments to Arizona’s SB 1373, which will be sent to the House for review before potentially reaching the governor.

North Carolina and Texas are closely following, with their cryptocurrency reserve proposals under examination by Senate committees for further consideration.

By establishing this legal reserve policy and operational guidelines, New Hampshire has created the first enforceable framework for including Bitcoin in state treasury accounts across the US.