Arizona, New Hampshire Advance State Crypto Reserves

New Hampshire has become the first U.S. state to authorize its treasurer to invest up to 5% of public funds in large-cap digital assets such as Bitcoin, following the passage of HB 302. Shortly after, Arizona enacted House Bill 2749, establishing a Bitcoin and Digital Asset Reserve Fund to manage unclaimed digital assets after three years of inactivity, though it does not permit direct state investment in cryptocurrencies. Arizona's law allows the state to generate returns by staking or using airdrops from these unclaimed assets in a budget-neutral manner. A more aggressive Arizona bill to invest treasury and pension funds in crypto was vetoed by Governor Katie Hobbs due to volatility concerns. Meanwhile, similar crypto reserve initiatives have faced setbacks in states like Florida. Together, these legislative moves mark significant, but varying, approaches to integrating digital assets into state financial systems.