New Hampshire Enacts Bitcoin Depository Bill, Marking a First for U.S. States
In a Groundbreaking Move
New Hampshire officially takes the lead in embracing digital currencies, as Governor Kelly Ayotte signs bill HB 302 into law on Tuesday, May 6, 2025.
"First in the Nation, once again!" Ayotte proclaimed on X. "Just signed a new law allowing our state to invest in cryptocurrency and precious metals."
This trailblazing bill allows the New Hampshire state treasurer to invest up to 5% of public funds in precious metals like gold or silver, or digital assets with a market cap of at least $500 billion in the last calendar year. Given this criteria, Bitcoin is the obvious choice.
"If the federal government managed the dollar better, we wouldn't need to be considering these things. But inflation is eating our lunch," sponsor Representative Keith Ammon explained to Decrypt. "And this is one little way our state could hedge against inflation in the future."
The New England state's treasury held just over $3.62 billion at the end of 2024, according to its unaudited 2024 annual report. If the treasurer invests the full 5% or around $181 million in Bitcoin, it could potentially gain exposure to 1,194 BTC, depending on current market prices.
New Hampshire joins a growing number of U.S. states taking steps towards Bitcoin adoption. For instance, North Carolina, Kentucky, Arizona, and Florida have also been actively exploring similar legislative efforts [1]. Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma have also shown interest, but have yet to pass any such bills [1]. Arizona recently became the second state to create a Bitcoin reserve after New Hampshire, a significant step in the push towards state-level crypto adoption [1].
The bill does not specify a particular method for holding Bitcoin. However, it allows the exposure to the top crypto asset to be held directly by the treasury, through a secure custody solution, on behalf of the state by a qualified custodian, or through an exchange-traded product issued by a regulated investment company [2]. It's likely that the state will initially lean on a Bitcoin ETF [2].
With reporting by André Beganski
Updated after publication with additional details
Edited by Andrew Hayward
[1] Source[2] Bill HB 302 Text[4] Over 34 bills across 22 states
- In a groundbreaking move, New Hampshire has enabled the state to invest in cryptocurrencies, following Governor Kelly Ayotte's signing of bill HB 302.
- This law allows the state treasurer to invest up to 5% of public funds in digital assets, like Bitcoin, or precious metals, provided they have a market cap of at least $500 billion in the last calendar year.
- Bitcoin, with its massive market cap, fits the criteria perfectly and could potentially be the state's choice for investment.
- Representative Keith Ammon, the bill's sponsor, believes this move is a hedge against inflation, given the federal government's management of the dollar.
- With just over $3.62 billion in its treasury at the end of 2024, New Hampshire could potentially invest around $181 million in Bitcoin, gaining exposure to approximately 1,194 BTC.
- New Hampshire is not alone in its cryptocurrency exploration, as North Carolina, Kentucky, Arizona, Florida, and several other states have also been actively considering similar legislative efforts.
- Arizona has already created a Bitcoin reserve, making it the second state to do so, after New Hampshire.
- The bill does not dictate a specific holding method for Bitcoin, but it does allow for direct holding by the treasury, through a secure custody solution, on behalf of the state by a qualified custodian, or through an exchange-traded product issued by a regulated investment company. It seems likely that the state will initially opt for a Bitcoin ETF.
