New Hampshire Leads Nation in Crypto-Friendly Policy with Bitcoin Treasury Investments

New Hampshire has become the first state in the US to approve limited treasury investments in Bitcoin and precious metals. On May 6, 2025, Governor Kelly Ayotte signed HB 302, allowing up to 5% of certain public funds to be allocated to digital assets.

The law is seen as a nod to New Hampshire's reputation as a policy innovator, with Ayotte frequently stating that 'New Hampshire is once again first in the nation' when discussing these crypto-friendly policies.

In November 2025, the New Hampshire Business Finance Authority approved a $100 million municipal bond backed by Bitcoin as collateral. The bond structure is designed to protect taxpayers from Bitcoin's price volatility, with Wave Digital Assets and Rosemawr Management involved as partners, and BitGo serving as custodian for the crypto collateral.

The approval of this bond marks an important step towards mainstreaming Bitcoin's use in traditional finance. While there are risks associated with using Bitcoin as collateral, such as price volatility, institutional partners like Wave Digital Assets and BitGo lend credibility to the initiative.