New Hampshire First US State to Establish Bitcoin Reserve Fund

New Hampshire has made history by becoming the first US state to establish a Bitcoin and Digital Assets Reserve Fund. Governor Ayotte signed the bill, officially known as HB 302, into law, marking a significant milestone in the integration of digital assets into state financial strategies. The legislation empowers the state treasurer to invest in Bitcoin or other digital assets with a market capitalization exceeding $500 billion, with a cap on holdings set at 5% of the total state funds. This move ensures that the assets are securely managed, either in state-controlled multisignature wallets, through a qualified custodian, or via a US exchange-traded product.

Dennis Porter, CEO and Co-Founder of Satoshi Action, highlighted the groundbreaking nature of this legislation. He stated, “Satoshi Action drafted the model, New Hampshire engraved it into law, and now every treasurer nationwide can follow that roadmap.” Porter emphasized that HB 302 not only protects taxpayer money but also diversifies reserves and future-proofs state treasuries by embracing the most secure monetary network available. He further noted that New Hampshire’s action has sparked a movement that could influence other states to adopt similar measures.

The bill was spearheaded by Representative Keith Ammon, a prominent early advocate for Bitcoin, and Majority Leader Jason Osborne, who played a crucial role in guiding the legislation through the legislative process. Ammon was recognized as Satoshi Action’s “Lawmaker of the Year” for his efforts in championing the bill. This collaborative effort underscores the growing acceptance and support for digital assets within the political landscape, setting a precedent for other states to consider similar initiatives.