New Hampshire Strategic Reserve Established (HB 302)

The statute permits the state treasurer, notwithstanding the existing RSA 6:8 investment rule, to invest a portion of public funds in precious metals and digital assets that satisfy a market-capitalization screen. The eligible funding sources named in the text are the general fund, the revenue stabilization fund established under RSA 9:13-e, and other funds when separately authorized by the legislature.

• Eligible digital assets: digital assets must have a market capitalization of more than $500 billion averaged over the previous calendar year.
• Investment cap: the treasurer may not invest more than 5% of the total amount of public funds in the authorized reserve assets.
• Precious metals: the statute defines precious metal to include silver, gold, and platinum, whether in coin, bullion, or another form.
• Exchange-traded products: the law recognizes an ETP if it is approved by the SEC, CFTC, or state securities commissioner, trades on a U.S.-regulated exchange, and derives value from an underlying asset pool.

HB 302 is notable for placing custody mechanics directly in the statutory text. Digital assets acquired by the relevant funds may be held directly by the state treasurer through a secure custody solution, on behalf of the state by a qualified custodian, or in the form of an exchange-traded product issued by a registered investment company. The statute defines a qualified custodian to include federal or state-chartered banks, trust companies, special purpose depository institutions, or state-regulated companies that custody digital assets for approved ETPs.

The secure custody definition is detailed. It requires government-exclusive knowledge and access to private keys, encrypted environments and channels, no smartphone custody of keys, hardware maintained in at least two geographically diversified secure data centers, multi-party governance, user access controls, action logs, disaster recovery, code audits, and penetration testing. These provisions make custody a central part of the New Hampshire strategic reserve framework.

The same section also permits precious metals exposure. Precious metals acquired under the statute may be held as an exchange-traded product, in physical form by a qualified custodian, or directly by the state in physical form. The law also contemplates direct physical holding “in conjunction with another state” under a rule to be established by the treasurer. That rulemaking reference should be reviewed separately if the treasurer later publishes implementing rules or investment-policy updates.

HB 302 was introduced in the House during the 2025 Regular Session and referred to Commerce and Consumer Affairs. The House later passed the measure on April 10, 2025, by division vote, and the Senate passed it on May 1, 2025, by voice vote. The bill was enrolled on May 6 and recorded on the docket as signed by Governor Ayotte, Chapter 4, on May 7.

As of June 3, 2026, the profile status is treated as in force because RSA 6:8-d appears in the 2025 New Hampshire Revised Statutes with a July 5, 2025 effective date. Editors should preserve a verification note because the official legislative docket text includes an “eff. 05/07/2025” notation, while the enacted bill text says the act takes effect 60 days after passage and the compiled statute lists July 5, 2025.

The law applies at the New Hampshire state-government level. Its practical impact is concentrated on state treasury investment authority, public-fund reserve policy, custody vendors, qualified custodians, and ETP structures that may be used by the treasurer. It does not create a general consumer right to hold crypto assets, does not regulate private exchanges as a licensing statute, and should not be read as investment, tax, or legal advice for market participants.