In a groundbreaking move, New Hampshire has become the first U.S. state to authorize the investment of public funds into digital assets. Governor Kelly Ayotte signed House Bill 302 (HB 302) into law on May 6, 2025, allowing the state treasurer to allocate up to 5% of public funds into eligible digital assets and precious metals. This legislation positions New Hampshire at the forefront of integrating digital assets into public finance.
Key Provisions of HB 302
The new law outlines specific parameters for New Hampshire’s cryptocurrency investment strategy:
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Investment Cap: The state treasurer is permitted to invest up to 5% of public funds into eligible assets.
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Eligible Assets: Investments are limited to precious metals (gold, silver, platinum) and digital assets with a market capitalization exceeding $500 billion. Currently, only Bitcoin meets this criterion.
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Custody Requirements: Digital assets must be held through secure custody solutions, qualified custodians, or exchange-traded products approved by U.S. regulatory authorities.
Investor Identification, Introduction, and negotiation.
- Effective Date: The law becomes effective 60 days after signing, on July 5, 2025.
Legislative Support and Implementation
HB 302 was sponsored by several Republican legislators, including Representative Keith Ammon, Representative Jason Osborne, and Senator Daryl Abbas. The Satoshi Action Fund, a Bitcoin policy group, contributed to drafting the policy framework for the bill. Representative Ammon expressed hope that New Hampshire’s initiative would set a precedent for other states to follow.
State Treasurer Monica I. Mezzapelle indicated that her office may consider using funds from certain state accounts with more aggressive or long-term strategies to invest in digital assets. However, she noted that the volatility of such investments makes them unsuitable for funds used to cover the state’s ongoing expenses.
Implications and Future Outlook
New Hampshire’s move sets a precedent for state-level investment in digital assets, potentially influencing other states to consider similar legislation. While proponents argue that this strategy could diversify state investments and hedge against inflation, critics have raised concerns about the volatility and risks associated with digital assets.
As the law takes effect, New Hampshire will likely monitor the performance of its digital asset investments closely, assessing their impact on the state’s financial health and considering adjustments as necessary.
References
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New Hampshire enacts law allowing state treasurer to invest in Bitcoin – The Boston Globe
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New Hampshire Passes First Bitcoin Reserve Law – Coindoo
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New Hampshire allows public fund allocation to Bitcoin – Digital Watch Observatory
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New Hampshire’s Governor Signs House Bill 302 Into Law Allowing For Bitcoin Strategic Investments – Tekedia
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New Hampshire becomes the first US state to establish a cryptocurrency reserve – Voz.us
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Just In: New Hampshire Just Did What No Other State Has With Bitcoin Law – CoinCentral
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New Hampshire Lawmaker Introduces Bill That Would Enable the State To Form a Digital Asset Treasury – The Daily Hodl
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Crypto Market Recap: New Hampshire Launches First State Crypto Reserve, Trump Stirs Controversy – Nasdaq
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New Hampshire becomes the first US state to establish a cryptocurrency reserve – Voz.us
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