New Hampshire just did what 49 other states haven’t. Governor Kelly Ayotte signed HB 302 on May 6, 2025, making the Granite State the first in the nation to legally permit limited treasury investments in Bitcoin and precious metals.
The law allows up to 5% of certain public funds to be allocated to digital assets. For a state whose license plates literally read “Live Free or Die,” the move tracks.
From treasury allocation to Bitcoin-backed bonds
In November 2025, the New Hampshire Business Finance Authority approved a $100 million municipal bond backed by Bitcoin as collateral. A state agency is using Bitcoin to underpin traditional debt instruments.
The bond structure is designed so that taxpayers aren’t directly exposed to Bitcoin’s price volatility. Wave Digital Assets and Rosemawr Management are involved as partners, with BitGo serving as custodian for the crypto collateral.
