New Hampshire State Representative Keith Ammon shares, “Our state motto ‘Live Free or Die’ requires NH to resist inflation and monetary debasement. That’s why it made sense for our state to be first to pass the Bitcoin Strategic Reserve bill.”
New Hampshire is currently the first and only U.S. state to enact a law (HB 302) explicitly authorizing its treasury to invest public funds in cryptocurrencies, with the stipulation that only tokens exceeding a $500 billion market cap (effectively just Bitcoin, and possibly Ethereum) are eligible. This follows the recent veto of a similar bill in Arizona and the withdrawal of two crypto bills in Florida, leaving New Hampshire as the sole state with such a policy in effect as of May 2025.
Other U.S. States and Cities
- Arizona: A similar bill was vetoed by the governor on May 2, 2025, so the state will not move forward with treasury crypto investments at this time.
- Florida: Two crypto-related bills were withdrawn on May 3, 2025, so no comparable program is being implemented
- Other States: While several states have considered legislation allowing treasuries to invest in digital assets, none besides New Hampshire have enacted such laws as of May 2025.
Federal U.S. Policy
- Strategic Bitcoin Reserve: At the federal level, the United States has established a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile by executive order in March 2025. However, this reserve is capitalized with Bitcoin and other digital assets already held by the government (primarily from forfeiture proceedings), not through new investments of public funds. The federal government will not sell Bitcoin in the reserve and is not actively acquiring more except through budget-neutral strategies. This policy is focused on management and stewardship rather than direct investment.
International and Local Governments
- No other countries, states, or major cities have passed laws or announced policies directly authorizing government treasuries to invest new public funds in cryptocurrencies in the same manner as New Hampshire. While some countries hold crypto assets seized in legal actions or as part of central bank experiments, there are no comparable treasury investment mandates currently in effect at the national, state, or city level elsewhere.
