Yesterday, in the second half of the day, New Hampshire made history as the first U.S. state to adopt a law allowing the creation of a Strategic Bitcoin Reserve. Following this announcement, Bitcoin surged from around 94,000 USD to 97,000 USD today. Investor enthusiasm is fueled by expectations of a domino effect and adoption of similar strategies in other U.S. states.
On March 13, 2025, Governor Kelly Ayotte signed Bill HB 302, authorizing the state treasurer to invest public funds in both precious metals and digital assets such as Bitcoin. The law was officially enacted yesterday and will go into effect in 60 days. The model presented in the bill is based on recommendations developed by the independent think tank Satoshi Action.
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HB 302 allows New Hampshire's treasurer to allocate a portion of public funds from the:
- General Fund
- Rainy Day Fund
- Other funds specifically authorized by the legislature
The law limits total exposure to digital assets and precious metals to 5% of all public funds, ensuring diversification without excessive risk. Importantly, investments may only involve digital assets with a market capitalization exceeding 500 billion USD — currently met only by Bitcoin.
Investments must be held securely:
- In U.S.-regulated custodial institutions
- In a state-controlled multisig wallet
- Through exchange-traded products (ETPs) approved by U.S. regulators
Estimated investment scale
To understand the potential impact of the law, let’s look at the main public funds of New Hampshire referenced in the bill:
- The General Fund, with an estimated value of $2.107 billion in 2025. A 5% allocation limit means approx. $105 million.
- The Rainy Day Fund, estimated at approx. $306 million in 2024. A 5% allocation limit means approx. $15.3 million.
In summary, under current conditions, New Hampshire could invest up to $120 million total in Bitcoin and precious metals. Since the 5% limit applies to both asset types collectively, the funds will likely be split between the two. The exact allocation breakdown is unknown, but we can assume a maximum annual investment of several tens of millions of USD.
A model for other states
The bill has been well received by Bitcoin advocates. Dennis Porter, CEO of Satoshi Action, called it a “roadmap” for responsible Bitcoin integration, emphasizing that it proves “taxpayer money can be protected, reserves diversified, and state treasuries prepared for the future.”
Key supporters included Representative Keith Ammon, Majority Leader Jason Osborne, and the New Hampshire Blockchain Council. The requirements for secure custody and the limited scope of investment aim to ensure stability while allowing for the potential benefits of both traditional and digital stores of value.
Facts about New Hampshire
New Hampshire is a small but wealthy U.S. state with about 1.4 million residents, ranking 41st in population among U.S. states. Despite its small size, the state consistently ranks among the richest in the country — with high median household income, low poverty, and low unemployment. The state’s fiscal year 2025 budget is about $7.6 billion — relatively modest compared to larger states like California or New York — but it reflects New Hampshire’s conservative fiscal model: low taxes, no state income or sales tax, and efficient public spending.
Bitcoin (D1 interval)
The dark clouds over the crypto market are beginning to lift. Following yesterday’s news, Bitcoin managed to break out toward 97,000 USD — about +3,000 USD in a single day. From a technical analysis perspective, the most important resistance remains the psychological zone just below 100,000 USD. However, in the short term, macroeconomic factors may also play a key role. Today, the Fed will announce its decision, followed by a press conference from FOMC Chair Jerome Powell. Another equally important issue remains the trade war and ongoing negotiations on potential U.S. deals with global partners.
Source: xStation 5
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