New Hampshire, a state located in the Northeastern region of the United States, has seemingly won the state-level Bitcoin Reserve race. Earlier on May 6, the state’s governor signed the proposed Bitcoin Reserve Bill into law. This significant move makes New Hampshire the first state to establish such a proposal in the U.S. 

Besides, the approval of the Bitcoin Reserve bill in New Hampshire comes at a time when a similar plan is failing in other U.S states. Earlier, Florida’s two Bitcoin Reserve Bills hit a roadblock as they failed to pass the legislative process. 

New Hampshire’s Governor Signs BTC Reserve Bill Into Law

Governor Kelly Ayotte of New Hampshire took to X(formerly Twitter) to confirm the signing of the Bitcoin Reserve Bill (HB 302) into law. This new law will allow the state to invest in cryptocurrencies, majorly Bitcoin. 

New Hampshire is once again First in the Nation! 🎉

Just signed a new law allowing our state to invest in cryptocurrency and precious metals. pic.twitter.com/ua9bawZKbM

— Governor Kelly Ayotte (@KellyAyotte) May 6, 2025

This development in New Hampshire marks a substantial accomplishment in the state-level adoption of crypto assets. However, there is a major twist in the Bitcoin Reserve plan. Rather than including just Bitcoin, the New Hampshire law will allow the state to hold cryptocurrencies with a market capitalization above $500 billion. 

While only BTC lies above this threshold currently, it keeps the door open for other cryptocurrencies including Ethereum (ETH) and XRP. However, these digital assets will have to attain the $500B+ market capitalization first. 

Deliverables of New Hampshire’s HB 302

According to the CEO and co-founder of Satoshi Action Fund, Dennis Porter, New Hampshire’s HB 302 stems directly from the Satoshi Actions’ Strategic Bitcoin Reserve (SBR) model. The law will thus allow the state’s treasurer to place up to 5 % of total funds into any cryptocurrencies with a $500B+ market cap. 

However, the assets must be stored in a state-owned multisig, a qualified custodian or a U.S exchange traded product. This will allow for maximum transparency and security of the assets. Additionally the law will not take effect immediately. Rather, it will take effect in 60 days from the day of passage. 

New Hampshire Sets the Pace for Crypto Adoption

Other states, including Florida and Arizona, have failed to see their Strategic Bitcoin Reserve Bill through to completion. For Florida, its two bills; HB 487 and SB 550 were ‘indefinitely withdrawn from consideration.’

On the other hand, Arizona’s bill faced a similar fate two weeks ago after Governor Katie Hobbs vetoed the Senate Bill 1025. This bill would have allowed the state to setup a Strategic BTC Reserve. 

However, New Hampshire has set the pace for the remaining bills – in other states. Porter, even echoed the state for achieving the incredible milestone. 

He wrote; “Satoshi Action drafted the model, New Hampshire engraved it into law, and now every treasurer nationwide can follow that roadmap.” According to him the approval of HB 302 will serve as a benchmark for other states.  

“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,” Porter remarked. 

With New Hampshire becoming the first to establish a Bitcoin Reserve, other states will follow through for sure. The market will keep track of any developments in the remaining bills. These bills have great potential to influence the price of Bitcoin. As of press time, Bitcoin is trading at $94,859 as per Coinmarketcap despite falling to $93,300 level earlier in the day.