New Hampshire first US state to pass a 'Strategic Bitcoin Reserve' bill

New Hampshire has become the first state to pass a “Strategic Bitcoin Reserve” bill, according to an announcement from Dennis Porter, the founder of the Satoshi Action Fund, a nonprofit policy organization dedicated to passing pro-Bitcoin legislation across the U.S.  

“History just tilted toward sound money in the ‘Live Free or Die’ state. Moments ago, the New Hampshire Governor signed HB 302 into law, creating the nation’s first Bitcoin Digital Assets Reserve Fund — a policy framework lifted directly from Satoshi Action’s Strategic Bitcoin Reserve (SBR) model bill,” the nonprofit wrote in a statement on Tuesday. 

The state’s HB 302 bill, signed by Governor Kelly Ayotte, enables the state treasurer to invest public funds in precious metals and digital assets with a market cap over $500 billion — a threshold currently met only by Bitcoin. The law enables the state’s treasurer to use 10% of the state’s general fund and other authorized funds to invest.

“Satoshi Action drafted the model, New Hampshire engraved it into law, and now every treasurer nationwide can follow that roadmap,” Dennis Porter, CEO Co-Founder of Satoshi Action. “HB 302 proves you can protect taxpayer money, diversify reserves, and future-proof state treasuries—all while embracing the most secure monetary network on Earth. New Hampshire didn’t just pass a bill; it sparked a movement.”

According to the bill, the state can invest in bitcoin directly or through an exchange-traded product. The treasury can also self-custody the fund or keep it with a qualified custodian. 

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

Other states, including Arizona, Illinois, Maryland, Michigan, and Texas, are also mulling strategic crypto initiatives. On Monday, the Florida State Senate “indefinitely postponed” two crypto-related bills that would have helped establish a Bitcoin reserve for the state.