Bitcoin surges past $99,000: Legislation enacted by two American states establishes Bitcoin reserves
In a groundbreaking move, New Hampshire has become the first US state to actively create a Bitcoin reserve, following the signing of HB 302 into law on May 6. This decision marks a significant step towards the official recognition and regulation of cryptocurrencies like Bitcoin in the United States.
Governor Kelly Ayotte's decision has given banks legal certainty when dealing with cryptocurrencies and created a basis for developing formal rules for secure custody. The move comes as the Office of the Comptroller of the Currency has already given national banks and federal savings associations the legal permission to hold cryptocurrencies on behalf of customers and provide related services.
The Bitcoin & Digital Assets Reserve is funded through "airdrops, staking income or interest" on unclaimed property and 10% of all digital assets the state possesses. The law allows investment of up to 5% of public funds in digital assets with a market capitalization of over $500 billion, which currently includes gold, silver, Bitcoin, and potentially Ethereum or platinum in the future.
However, the wording of HB2749 is somewhat unclear regarding the transfer of digital assets into the reserve. One day after New Hampshire's decision, Arizona introduced two bills to create a Bitcoin reserve, indicating a growing trend among states towards cryptocurrency adoption.
Interestingly, Dennis Porter of the lobby group Satoshi Action Funds claims to have contributed to the creation of the Bitcoin reserve in New Hampshire. Comptroller Rodney E. Hood confirmed that banks can buy and sell cryptocurrencies and assets for their clients.
It's worth noting that the U.S. federal government has also taken steps towards regulating cryptocurrencies. In July 2025, the U.S. passed the GENIUS Act, which regulates stablecoins, requiring issuers to maintain full liquidity coverage and register with federal authorities. The Digital Asset Market Clarity Act (CLARITY Act) aims to structure oversight between the SEC and CFTC but is still in the Senate committee stage, indicating ongoing legislative efforts rather than new state-level laws specifically.
The opportunity to buy Bitcoin under 100,000 dollars may soon be gone due to the Bitcoin price surge, which started with a steady climb from around 80,000 dollars since early April and surged from around 94,000 dollars to its current 99,750 dollars on the day of the announcement.
However, Senator Katie Hobbs vetoed one of the bills, SB1025, a proposal for a Bitcoin reserve with up to 10% of the state budget, suggesting a cautious approach to the investment of public funds in digital assets. As the cryptocurrency landscape continues to evolve, it will be interesting to see how other states follow New Hampshire's lead and how this decision impacts the future of cryptocurrency adoption in the United States.
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