New Hampshire becomes the first state in the US to set up a reserve for Bitcoin and precious metals, with the passage of HB 302.

On May 6, 2025, New Hampshire Governor Kelly Ayotte signed the HB 302 Act, making New Hampshire the first state in the United States to pass state-level legislation for Bitcoin reserves. The Act allows the state treasurer to invest up to 5% of public funds in digital assets and precious metals with a market capitalization exceeding $500 billion, with currently only Bitcoin qualifying. This action serves as a legislative model for other states, with Arizona, Texas, Ohio, and several others considering similar legislation, indicating Bitcoin's elevated status in state fiscal policies.

Core Content of New Hampshire HB 302 Bill

The HB 302 bill, introduced by Republican Representative Keith Ammon, was passed in the state senate with a vote of 4 to 1 on 23 April 2025. The bill was signed into law by the governor on 6 May and is expected to take effect 60 days later.

According to the bill, the New Hampshire state treasurer is authorized to invest up to 5% of the state's public funds in the following two types of assets:

• Precious metals: gold, silver, platinum;
• Digital assets: cryptocurrencies with a market capitalization exceeding $500 billion, currently only Bitcoin meets this criterion.

The methods of holding these assets include:

• Direct holding by the state treasurer through a secure multi-signature wallet;
• Custody by a qualified custodian;
• Holding in the form of exchange-traded products (ETP) approved by U.S. financial regulators.

According to the latest report from the New Hampshire Department of Treasury, the state currently manages approximately 3.6 billion dollars in public funds, meaning up to about 180 million dollars can be invested in Bitcoin and precious metals.

Technology-Neutrality and Legislative Strategy

The HB 302 bill adopts a technology-neutral approach in its legislative language, avoiding direct mention of "Bitcoin" and instead using the condition of "digital assets with a market capitalization exceeding $500 billion" to reduce political resistance. This strategy is seen as a model for other states to emulate when promoting similar legislation.

The legislative process of the bill received support from the New Hampshire Blockchain Council and the nonprofit Satoshi Action Foundation. The latter also provided a policy model for the bill and stated that HB 302 could serve as a blueprint for adoption by other states nationwide.

Legislative Trends in Other States

New Hampshire's initiative has drawn attention and action from other states. As of now, at least 26 states are considering or have proposed similar Bitcoin reserve bills. Below are the latest developments in several major states:

Arizona

In April 2025, Arizona passed two bills—SB 1373 and SB 1025—allowing the state treasurer to invest up to 10% of public funds in Bitcoin and other digital assets. The state's budget is approximately 18 billion dollars, and if fully implemented, the potential investment could reach 1.8 billion dollars. However, Governor Katie Hobbs vetoed SB 1025 on 2 May, citing digital assets as "unverified investments." SB 1373 is still awaiting the governor's signature, which is crucial for the state to become the second to pass a Bitcoin reserve bill.

Texas

Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Bill in December 2024, establishing a dedicated fund managed by the State Auditor, requiring a minimum holding period of five years, and allowing public donations. The bill is currently under committee review. With Texas's budget exceeding 150 billion dollars, the 10% cap could support up to 15 billion dollars in Bitcoin investments.

Ohio

Ohio's SB57 bill, introduced by Senator Sandra O'Brien in January 2025, authorizes the state government to directly invest in Bitcoin and requires a minimum holding period of five years. The bill also mandates state agencies to accept cryptocurrency payments and allows residents and institutions to donate Bitcoin. The bill is currently under review by the Senate Finance, Insurance and Technology Committee.

Florida and Other States

Florida's originally proposed HB 487 and SB 550 were indefinitely postponed on 3 May 2025. Other states like Pennsylvania, Montana, North Dakota, Wyoming, and South Dakota have explicitly rejected similar proposals, citing concerns over Bitcoin's volatility, energy consumption, and risks to public funds.

References

• 全美首個建立比特幣戰略儲備的州級立法！新罕布夏州的《HB302法案》對其他州將產生什麼影響？
• New Hampshire approves first state-level Strategic Bitcoin Reserve law
• New Hampshire just became the first state to establish a crypto reserve
• New Hampshire Becomes First State to Sign Bitcoin Reserve Bill Into Law - Decrypt
• New Hampshire just became the first state to establish a crypto reserve
• Arizona's Bitcoin Reserve Bill Moves Forward
• 見證歷史：美國首個加密儲備州震撼登場，正規軍買盤要來了？
• 新罕布夏州成為美國首個通過比特幣戰略儲備的州 | 鏈新聞 ABMedia