New Hampshire has become the first state to allow the investment of its public funds in cryptographic assets, its governor signing the new law on Tuesday.
The state has beaten a number of other people with a punch this year when what had started as a wave of the dynamics of the state legislator had encountered roadblocks in recent weeks. As the first to authorize its treasurer to set up such a reserve, the New Hampshire could very well beat the US government to form a stock too.
“The New Hampshire is again the first in the nation”, the governor of New Hampshire, Kelly Ayotte, a republican who is in his first year of power, published on the social media X.
The New Hampshire bill allows the investment of up to 5% of public funds in a digital asset which has at least $ 500 billion in market capitalization, currently leaving Bitcoin (BTC) as the only qualification assets.
“We are incredibly enthusiastic about the victory that occurred in New Hampshire,” said Dennis Porter, founder of the Satoshi Action Fund who pushed state legislators to pursue reserves. He told Coindesk in an interview that he hoped that other states were following the step.
“The first is by far the hardest,” said Porter. “Having a state that is already done, it will really increase political momentum.”
The Republicans of the State House in New Hampshire also published Tuesday X, boasting that their state is “officially the first state to lay the foundations for a Bitcoin strategic reserve”.
“The Live Free or Die State opens the way to forge the future of trade and digital assets,” they wrote.
Arizona was the first state to obtain a similar measure in the office of its governor, but the legislation was opposed to its veto, although other bills are still waiting for the governor there. Florida has also withdrawn its own efforts, joining a number of other states where the push of the reserve collapsed. But North Carolina remains a strong competitor, because its efforts are defended by an eminent legislator.
President Donald Trump had called on his administration to set up his own Bitcoin reserve and a separate crypto stock, although the Treasury Department still examines what the federal government has in hand which can be redirected to these possible funds.
Read more: Trump’s crypto Sherpa Bo Hines says legislation on the target for a quick finish
Update (May 6, 2025, 17:46 UTC): Updates with comments from Dennis Porter, founder of the Satoshi Action Fund.
