New Hampshire became the first U.S. state to establish a Strategic Bitcoin (CRYPTO: BTC) Reserve on Tuesday, allowing public funds to be invested in the apex cryptocurrency and other digital assets.
What Happened: Dennis Porter, the founder of the Satoshi Action Fund, revealed in an X post that House Bill 302 was signed into law by the New Hampshire Governor Kelly Ayotte.
The new law authorizes the state treasurer to invest public funds in precious metals and digital assets with a market cap exceeding $500 billion. At present, only Bitcoin qualifies under this criterion. The state can invest in Bitcoin directly or through an exchange-traded product.
Notably, the law limits the investments to 5% of the available public funds.
See Also: Bitcoin, Ethereum, Dogecoin Spike As Scott Bessent’s Gears Up For Trade Talks With China: Key BTC Stakeholders ‘Moving In The Right Direction’ Towards $100,000 Target, Says Analytics Firm
The Satoshi Action Fund is a nonprofit organization that advocates for pro-Bitcoin legislation across the U.S.
This development comes in the wake of Florida’s decision to pull back from a similar proposal. The Florida Legislature withdrew House Bill 487, which would have allowed state-managed public funds to be invested in Bitcoin.
Before this, the Arizona governor vetoed a bill that would have allowed up to 10% of certain state funds to be allocated to digital assets like Bitcoin.
Price Action: At the time of writing, Bitcoin was exchanging hands at $96,484.51, up 2.19% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wit Olszewski On Shutterstock.com
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
