New Hampshire has become the first state to allow the investment of its public funds into crypto assets with its governor signing the new law on Tuesday.
The state beat a number of others to the punch this year as what had started as a surge in state lawmaker momentum had run into roadblocks over recent weeks. As the first to authorize its treasurer to set up such a reserve, New Hampshire could very well beat the U.S. government in forming a stockpile, too.
“New Hampshire is once again first in the Nation,” New Hampshire Governor Kelly Ayotte, a Republican who’s in her first year in office, posted on social media site X.
The New Hampshire bill allows the investment of up to 5% of public funds in a digital asset that has at least $500 billion in market capitalization, currently leaving bitcoin (BTC) as the only qualifying asset.
“We’re incredibly excited about the win that has occurred in New Hampshire,” said Dennis Porter, founder of the Satoshi Action Fund that’s been pushing state lawmakers to pursue reserves. He told CoinDesk in an interview that he’s hoping other state’s will follow suit.
“The first one’s the hardest, by far,” Porter said. “Having a state that’s already gotten it done, it’ll really increase the political momentum.”
State House Republicans in New Hampshire also posted on X Tuesday, boasting that their state is “OFFICIALLY the first state to lay the groundwork for a strategic bitcoin reserve.”
“The Live Free or Die state is leading the way in forging the future of commerce and digital assets,” they wrote.
Arizona had been the first state to get a similar measure to its governor’s desk, but the legislation was vetoed, though other bills are still awaiting the governor’s consideration there. Florida has also withdrawn its own effort, joining a number of other states where the reserve push has fizzled. But North Carolina remains a strong contender, because its effort is being championed by a prominent lawmaker.
President Donald Trump had called for his administration to set up its own bitcoin reserve and a separate crypto stockpile, though the Treasury Department is still examining what the federal government has on hand that can be redirected into those eventual funds.
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UPDATE (May 6, 2025, 17:46 UTC): Updates with comment from Dennis Porter, founder of the Satoshi Action Fund.