New Hampshire Breaks Ground with Crypto Reserve Law After Other States Reject Similar Proposals

New Hampshire has become the first U.S. state to approve the creation of a strategic Bitcoin reserve, setting itself apart from states like Florida, Arizona, and Wyoming, which have recently rejected similar initiatives.

Signed into law on Tuesday, May 6, by Governor Kelly Ayotte, House Bill 302 (HB302) authorizes the state treasurer to invest up to 5% of New Hampshire’s public funds into qualifying digital assets, as well as precious metals.

The bill outlines strict eligibility criteria, allowing only cryptocurrencies with a market capitalization of at least $500 billion over the previous 12 months — currently, only Bitcoin qualifies, with a market cap of $1.93 trillion at press time. The law is expected to take effect in 60 days.

While interest in establishing Bitcoin and cryptocurrency reserves gained a lot of momentum earlier this year, many U.S. states have since hesitated on passing legislation, citing concerns over volatility and an uncertain regulatory landscape.

Florida postpones indefinitely

New Hampshire’s move comes just three days after Florida indefinitely tabled its own cryptocurrency reserve proposals: House Bill 487 (HB487) and Senate Bill 550. Both were withdrawn on May 3, following the close of the state’s legislative session, without making it to a vote in either chamber.

Florida’s HB487, introduced in February 2025, aimed to expand the Chief Financial Officer’s authority to allow the state to invest surplus public funds in Bitcoin. Despite enthusiasm earlier this year, the bill was withdrawn due to political and fiscal concerns.

Arizona governor vetoes bill

Arizona’s attempt to establish a Bitcoin reserve was also met with resistance. On May 2, Governor Katie Hobbs vetoed Senate Bill 1025, known as the "Arizona Strategic Bitcoin Reserve Act."

The bill, which had cleared both chambers of the state legislature, would have allowed Arizona to invest as much as 10% of public funds into a Bitcoin reserve managed by state officials. Governor Hobbs in a letter cited concerns over the use of public funds for "untested” assets.

“The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments,” Hobbs writes. “Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currencу.”

Wyoming bill ‘died in committee’

Earlier this year, Wyoming’s effort to establish a Bitcoin reserve met a similar fate. Wyoming is the home state of Senator Cynthia Lummis, a vocal advocate for the U.S. crypto industry, as well as for a federal strategic Bitcoin reserve.

House Bill 0201 (or HB0201) introduced in mid-January proposed allocating up to 3% of the state’s general and permanent funds to Bitcoin. However, on Feb. 10, it was voted down in committee, as only one out of nine lawmakers voted to support the bill. Concerns over risking taxpayer dollars ultimately sank the proposal.

As of March 3, the bill’s status reads “died in committee,” per the official legislature’s website.

Several other states – including Pennsylvania, Montana, North Dakota, and South Dakota – have also declined to move forward with cryptocurrency reserve legislation.

During his campaign for president, Donald Trump, alongside Senator Lummis, proposed making a federal strategic Bitcoin reserve — or SBR, as it's now known — in the United States.

In March, following a number of pro-crypto executive orders, President Trump signed an EO to establish an SBR of Bitcoin already owned by the government. The order specifically notes that BTC in the reserve cannot be sold, while it also authorizes the development of “budget-neutral strategies for acquiring additional bitcoin.” The order also established a separate “U.S. Digital Asset Stockpile” of seized crypto other than BTC, with no plans to acquire more.