KEY FACTS: New Hampshire’s House Bill 302, which would allow the state to invest up to 10% of its general fund in Bitcoin, other digital assets, and precious metals, has advanced to a full Senate vote after clearing a second Senate committee with a 4-1 vote on April 23, 2025. Having already passed the House with a 192-179 vote and a Senate committee with a 16-1 vote, the bill positions New Hampshire as a leader among U.S. states exploring Bitcoin reserves, alongside Texas and Arizona. If approved by the Senate and signed by Governor Kelly Ayotte, the legislation could make New Hampshire the first state to establish a formal Bitcoin reserve.
Source: Seal of New Hampshire, Bitcoin laws
New Hampshire Bitcoin Reserve Bill Advances to Full Senate Vote
New Hampshire’s House Bill 302 (HB 302) has cleared a second Senate committee with a 4-1 vote on April 23, 2025, paving the way for a full Senate vote. The legislation, which would allow the state to invest a portion of its general fund in Bitcoin, other digital assets, and precious metals like gold and silver, is a move by the “Live Free or Die” state to integrate cryptocurrencies into its treasury reserves. This development shows New Hampshire’s position as a frontrunner in the growing trend of U.S. states exploring Bitcoin as a strategic reserve asset.
🇺🇸 State Reserve Race Update:
New Hampshire Bitcoin Reserve Bill HB 302 has passed the Senate Ways & Means Committee, by a 4-1 vote.
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HB 302 was introduced in January 2025 and has steadily gained traction in New Hampshire’s legislature, reflecting a shift in how state governments view digital currencies. The bill proposes that up to 10% of the state’s general fund can be allocated to investments in Bitcoin, other cryptocurrencies, and precious metals, with strict guidelines for custody and management. This approach aims to diversify the state’s financial reserves while capitalizing on the potential long-term value of digital assets.
The bill’s journey began in the New Hampshire House of Representatives, where it passed earlier in April with a narrow 192-179 vote, highlighting a polarized but ultimately supportive stance among lawmakers. The legislation then advanced through the Commerce and Consumer Affairs Committee with a resounding 16-1 vote in March, signaling strong initial backing. The recent 4-1 approval by a second Senate committee on April 23 further solidifies the bill’s momentum, setting the stage for a full Senate debate and vote in the coming weeks.
If the Senate approves HB 302, the bill will proceed to Governor Kelly Ayotte for final approval. Ayotte, a Republican with a reputation for fiscal conservatism, has not publicly stated her position on the legislation, leaving observers eager to see whether she will endorse this pioneering financial strategy.
New Hampshire’s progress on HB 302 places it among a handful of U.S. states actively pursuing Bitcoin and digital asset reserves. According to Bitcoin Laws, a legislative tracking group, 47 strategic Bitcoin reserve bills have been introduced across 26 states as of April 2025, with Arizona, Texas, and Oklahoma also making significant strides. New Hampshire, however, is one of only four states, alongside Arizona, Texas, and Oklahoma, to have passed such legislation through at least one legislative chamber, underscoring its leadership in this emerging policy arena.
The push for state-level Bitcoin reserves has gained momentum following President Donald Trump’s executive order on March 7, 2025, which established a federal Strategic Bitcoin Reserve and Digital Asset Stockpile. This federal action, coupled with a Republican-controlled Congress, has emboldened state lawmakers to explore similar policies. In Texas, for instance, the Senate passed a Bitcoin reserve bill on March 6, while Arizona’s SB 1373 and SB 1025 are nearing a full House vote. Florida has also seen bipartisan support for its Strategic Bitcoin Reserve bill (HB 487), which unanimously passed the state’s Insurance and Banking Subcommittee.
However, not all states have embraced this trend. Oklahoma’s Bitcoin reserve bill was struck down in a Senate committee vote on April 16, leaving New Hampshire, Texas, and Arizona as the top contenders to become the first U.S. state to establish a formal Bitcoin reserve.
Proponents of HB 302 argue that allocating a portion of New Hampshire’s general fund to Bitcoin and precious metals could hedge against inflation, economic uncertainty, and the volatility of traditional financial markets. Bitcoin, often referred to as “digital gold,” has gained institutional validation in recent years, with companies like MicroStrategy and GameStop adopting it as a treasury reserve asset. Posts on X reflect growing sentiment among crypto enthusiasts that New Hampshire’s bill signals increasing state-level confidence in Bitcoin as a legitimate reserve asset, potentially driving long-term bullish sentiment for the cryptocurrency.
The bill’s supporters also point to New Hampshire’s history of embracing innovation and financial freedom. State Senator Chris Rose of West Virginia, commenting on a similar bill in his state, described Bitcoin reserves as a way to enhance state sovereignty and protect against the potential risks of a central bank digital currency (CBDC). While New Hampshire’s legislation does not explicitly address CBDCs, its focus on decentralized digital assets aligns with the ethos of financial independence championed by crypto advocates.
Despite HB 302's progress, critics argue that Bitcoin’s price volatility poses risks to state finances. A report by WVNews, commenting on West Virginia’s similar proposal, noted that some lawmakers and financial experts view Bitcoin’s price swings as a potential source of instability for state investments. In New Hampshire, the narrow House vote (192-179) suggests that not all legislators are convinced of the merits of allocating state funds to digital assets.
Additionally, the bill’s fate in the Senate remains uncertain. While the 4-1 committee vote is promising, a full Senate vote will require broader consensus among lawmakers, some of whom may be wary of the uncharted territory of state-backed cryptocurrency investments. Governor Ayotte’s decision will also be pivotal, as her approval is necessary for HB 302 to become law.
As HB 302 heads to a full Senate vote, a successful passage would position the state as a pioneer in state-level Bitcoin adoption, potentially inspiring other states to follow suit. However, even if the bill becomes law, implementing a Bitcoin reserve will require careful planning, including selecting qualified custodians and establishing robust risk management protocols, as outlined in the legislation.
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