“New Hampshire is leading the nation once again,” she proclaimed on X, further elaborating, “We’ve just put a fresh law into effect, allowing our state to invest in cryptocurrencies and precious metals.”

The law will be operational in 60 days, greenlighting the state to start accumulating Bitcoin. The asset saw a surge from $94,000 to a peak of $97,500, which is more attributed to the uplifting developments on the US-China tariff scenario.

HB 302 was initially presented in January. It empowers the New Hampshire state Treasurer to buy Bitcoin and other digital assets with a market capitalization exceeding $500 billion. However, only Bitcoin fits the criteria at the moment, with Ethereum trailing behind with a market cap of $220 billion.

The law restricts holdings to 5% of the total state funds to ensure a balanced investment strategy. All assets must be stored in US-regulated custody through state-controlled multisignature wallets, qualified custodians, or exchange-traded products. The objective is to diversify state reserves while upholding fiscal discipline and transparency.

“The ‘Live Free or Die’ state is pioneering the future of commerce and digital assets,” stated New Hampshire Republicans on X. The bill was inspired by Satoshi Action’s policy framework, and the group has backed six pro-Bitcoin laws and over 20 similar bills nationwide.

On the other hand, Florida and Arizona have taken a step back. Just days before, Florida’s legislature dismissed two analogous crypto investment bills. Florida’s House Bill 487 and Senate Bill 550 have been “indefinitely postponed and withdrawn from consideration.” These bills, introduced in February, would have permitted Florida’s chief financial officer and the State Board of Administration to invest up to 10% of certain state funds into Bitcoin.

Arizona Governor Katie Hobbs vetoed a similar bill, HB 1025, labeling digital assets as “untested investments” on May 3. The state has another opportunity to establish a Bitcoin reserve with legislation, HB 1371, still awaiting a final vote. However, it seems improbable that the Arizona Governor’s perception of cryptocurrencies will alter soon.

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“The ‘Live Free or Die’ state has just made a historic shift towards sound money. HB 302, the country’s first Bitcoin & Digital Assets Reserve Fund legislation, has been signed into law by the New Hampshire Governor,” read a statement from the Satoshi Action Fund on Tuesday. The bill was heavily influenced by the Strategic Bitcoin Reserve (SBR) model proposed by the Satoshi Action Fund.

Endorsed by Governor Kelly Ayotte, the HB 302 bill authorizes the state treasurer to invest public monies in digital assets with a market cap exceeding $500 billion — a bar presently cleared by Bitcoin alone. The law permits the treasurer to allocate 10% of the state’s general and other sanctioned funds for this purpose.

“Satoshi Action crafted the blueprint, New Hampshire cemented it into law, and now every state treasurer across the nation can follow this path,” asserted Dennis Porter, CEO & Co-Founder of Satoshi Action. “HB 302 demonstrates that it’s possible to safeguard taxpayer funds, diversify reserves, and future-proof state treasuries, all while embracing the most secure monetary network in existence. New Hampshire didn’t just pass a bill; it ignited a movement.”

As per the legislation, the state may invest in Bitcoin either directly or via an exchange-traded product. The treasury can opt to self-custody the fund or entrust it to a qualified custodian.

Earlier this month, New Hampshire’s House approved HB302 with a 192-179 vote, forwarding it to the Senate, which passed the bill with a 4-1 vote on April 23. Rep. Keith Ammon was the bill’s primary sponsor.

Several other states, including Arizona, Illinois, Maryland, Michigan, and Texas, are considering similar strategic crypto initiatives. Meanwhile, the Florida State Senate has “indefinitely postponed” two Bitcoin reserve-related bills.

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The New Hampshire House gave the green light to its Bitcoin reserve bill, HB302, with a 192-179 vote on April 10. The bill is now set to move to the Senate. This makes New Hampshire the fourth state, following Arizona, Texas, and Oklahoma, to advance a Bitcoin reserve bill through one of its chambers.

If HB302 gets the approval of the New Hampshire Senate and receives the Governor’s signature, it would permit the state treasurer to invest 10% of the state’s general fund and other designated funds in precious metals and certain digital assets. The bill outlines the criteria for these investments and their custody methods. It stipulates that only cryptocurrencies with a market cap exceeding $500 billion would be eligible for investment, a criterion currently met only by Bitcoin.

In contrast to the support for the bill, Democrat Representative Terry Spahr argued that it was unnecessary and could potentially jeopardize the future security of the state’s digital asset reserves. However, Republican Representative Jordan Ulery defended the bill, citing its potential to generate significant revenue for the state.

Two other blockchain-related bills in New Hampshire, HB310 and HB 639, which deal with stablecoins, real-world asset tokenization (RWA), and blockchain regulation and dispute resolution, respectively, are also making their way through the legislature.

On the same day, the Bitcoin reserve bill in Florida, HB487, received unanimous approval from the state’s House Insurance and Banking Committee. The bill, similar to New Hampshire’s, could allow the state’s chief financial officer and the State Board of Administration to invest up to 10% of certain state funds in Bitcoin.

Republican Representative Webster Barnaby, the bill’s sponsor, urged the Committee to support this “very important bill”, which he believes would put Florida at the forefront of this emerging technology. The bill also grants the state’s financial chief the option to invest in digital assets directly, via certain qualified custodians, or through exchange-traded products (ETPs), and outlines the necessary security and custody requirements.

According to Bitcoin Laws, which monitors the progress of digital asset legislation, Arizona is currently leading the charge to become the first US state to establish a strategic Bitcoin reserve. As of March 24, two digital assets reserve bills, SB1373 and SB1025, have been approved by Arizona’s House Rules Committee and are now headed for a full floor vote in the state’s House.

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