The U.S. state-level race for Bitcoin-backed treasuries has begun. New Hampshire just became the first to legalize public Bitcoin investments, and now states like Texas, North Carolina, and Wyoming are trying to catch up.
New Hampshire Kicks Off State-Level Crypto Investing
Governor Kelly Ayotte signed a bill on May 6 that allows the state to invest up to 5% of public funds in cryptocurrencies valued at over $500 billion. As of now, only Bitcoin qualifies.
“New Hampshire is first once again,” Ayotte wrote on X. “We’re now cleared to invest in crypto and precious metals.”
The move echoes Donald Trump’s proposed federal Bitcoin reserve plan, which involves accumulating seized BTC for national use.
States Watching Closely: Texas, North Carolina, and More
Texas’s reserve bill has made it through most of the legislative process. If it clears its final stage, it’ll likely follow New Hampshire’s lead.
Meanwhile, North Carolina and Wyoming have strong crypto foundations but haven’t passed investment legislation yet. Arizona came close but was blocked by Governor Katie Hobbs over volatility concerns.
“States like Utah and North Dakota may move faster—they’re smaller and more nimble,” said legal analyst Yuriy Brisov.
Smaller states may find it easier to take calculated risks or brand themselves as crypto-friendly innovation hubs.
47 Bills Across 26 States — But Challenges Remain
According to the watchdog platform Bitcoin Laws, 47 crypto treasury bills have been introduced in 26 states, with 37 still active.
But passing a bill is just the start. States must figure out how to securely store BTC, deal with price swings, and integrate with federal policies.
“This isn’t just about making money,” said George Georgiades of Borderless.xyz. “It’s about redefining how states engage with financial systems.”
Analysts agree that New Hampshire’s decision could be a milestone—one that signals a deeper transformation in how state governments manage value and fiscal independence.
