New Hampshire and North Dakota Join U.S. States Proposing Bitcoin Reserves

New Hampshire and North Dakota have become the latest U.S. states to propose establishing strategic Bitcoin reserves, signaling a growing trend among states to diversify their treasuries with cryptocurrency.

Strategic Bitcoin Legislation

In New Hampshire, Representative Keith Ammon (R-40th District) introduced legislation referring to “digital assets” instead of explicitly naming Bitcoin to avoid political hurdles. Dennis Porter, CEO of Satoshi Action Fund, explained the strategy:

“The intent is for Bitcoin, but oftentimes that’s not possible depending on the state.”

Simultaneously, North Dakota lawmakers, led by Representatives Nathan Toman and Josh Christy and Senator Jeff Barta, introduced a similar bill with 11 sponsors already on board.

Momentum from Trump’s Campaign Promise

This wave of Bitcoin-focused initiatives follows former President Donald Trump’s campaign pledge to make the U.S. a global leader in Bitcoin and cryptocurrency. Trump vowed to direct the Treasury Department to acquire substantial Bitcoin reserves.

However, skepticism remains about whether such a move will materialize. For example:

• On Polymarket, predictions of Trump establishing a Bitcoin reserve within his first 100 days in office have dropped to 27%, down from 45% in November.

Broader State-Level Efforts

Other states have also introduced Bitcoin reserve proposals:

• Texas: The Texas Strategic Bitcoin Reserve Act, proposed by Representative Giovanni Capriglione, requires Bitcoin to be held as a reserve asset for at least five years.
• Pennsylvania: Representative Mike Cabell proposed allocating up to 10% of its treasury balance sheet in Bitcoin, citing its potential as a hedge against economic uncertainty.
• Ohio: House Republican leader Derek Merrin recently proposed a similar Bitcoin reserve bill.

Corporate Bitcoin Holdings

Corporate entities are also bolstering Bitcoin reserves:

• MicroStrategy and Metaplanet expanded their Bitcoin holdings.
• MARA Holdings acquired 11,774 BTC in December 2024.
• Riot Platforms, a Bitcoin mining company, plans to raise $500 million through a private bond offering to enhance its Bitcoin reserves.

Growing Interest in Bitcoin Reserves

The push for Bitcoin reserves reflects an evolving view of cryptocurrency as a hedge against inflation and economic instability. With state-level initiatives gaining traction and corporate entities increasing their holdings, Bitcoin’s role in financial portfolios continues to expand, despite uncertainties surrounding federal adoption under the new administration.