New Hampshire became the first US state to allow its government to invest in crypto currencies including Bitcoin (BTC), after Governor Kelly Ayotte signed a bill passed by the legislature into law.

In a May 6 notice, Ayotte announced on social media that New Hampshire would be permitted to “invest in cryptocurrency and precious metals” through a bill passed in the state Senate and House of Representatives. House Bill 302, introduced in New Hampshire in January, will allow the state’s treasury to use funds to invest in cryptocurrencies with a market capitalization of more than $500 billion, eliminating many tokens and memecoins.

“The Live Free or Die state is leading the way in forging the future of commerce and digital assets,” said New Hampshire Republicans in a May 6 X post.

With the signing of the bill into law, New Hampshire becomes the first of several US states considering passing legislation to establish a strategic Bitcoin reserve, including an initiative with the federal government. A similar bill in Arizona passed the state’s House in April but was vetoed by Governor Katie Hobbs on May 2, and Florida’s government withdrew two crypto reserve bills from consideration on May 3.

Related: Bitcoin’s role as a reserve asset gains traction in US as states adopt

New Hampshire’s crypto plans to precede the US government’s?

The efforts to create crypto reserves in different US states come as US President Donald Trump and Republican lawmakers propose similar policies at the federal level. Trump signed an executive order in March to establish a “Digital Asset Stockpile” and a “Strategic Bitcoin Reserve.”

Senator Cynthia Lummis, who sponsored the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act, proposed that the US government could hold more than 1 million BTC through civil and criminal forfeiture seizures. The bill is currently being considered by members of the US Senate Banking Committee.

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A group of crypto traders reportedly purchased millions of dollars worth of Melania Trump’s memecoins minutes before she announced the launch on social media.

According to a May 6 Financial Times report, the crypto traders earned roughly $100 million from buying $2.6 million worth of MELANIA tokens before the public launch on Jan. 19. Shortly after Trump announced the memecoin launch on social media, the price surged from roughly $2.00 to $12.95 — a 550% increase. The traders reportedly sold their holdings within 12 hours.

“In total, the 24 accounts bought up 16.7mn of the 200mn total $MELANIA tokens scheduled for sale during the launch period,” the Financial Times reported. “[…] the run of sales that started pre-launch continued. About $900,000 worth of tokens bought by an additional 22 accounts in the 42 seconds after the launch.”

The memecoin started trading roughly two days after then-president-elect Donald Trump announced the launch of his own TRUMP coin. Both tokens have come under scrutiny from lawmakers, alleging conflicts of interest and corruption due to the potential for bribery and foreign influence.

Memecoin dinner prompts call for impeachment

Much of the scrutiny and criticism from US lawmakers over the memecoins seems to be directed at the president rather than the first lady. After Trump announced some of the top TRUMP tokenholders would be offeried the chance to get access to him at a private dinner and tour, one senator called for his impeachment.

Related: Dem lawmakers object to hearing, citing ‘Trump’s crypto corruption’

Both the prices of the MELANIA and TRUMP tokens have dropped significantly since shortly after their launch in January, with the First Lady’s memecoin falling to $0.31 at the time of publication. The TRUMP token price briefly surged after the memecoin dinner announcement in April, but had dropped to $10.90 as of May 6.

Two companies connected to the president control roughly 80% of the TRUMP supply, though many of the tokens were locked and will be released over the next three years. Critics have suggested that the project’s insiders could still rug-pull investors.

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21Shares has launched an exchange traded product (ETP) in Europe, providing investors with exposure to Crypto.com’s Cronos token, the asset manager said. 

The ETP is listed on Euronext’s Paris and Amsterdam exchanges, 21Shares said in a May 6 announcement. 

Cronos (CRO) is a layer-1 blockchain network affiliated with Crypto.com, a centralized exchange. 

The chain is designed to integrate with the Ethereum and Cosmos ecosystems and support “decentralised finance (DeFi), NFTs, and Web3 applications,” 21Shares said. 

The ETP aims to provide investors with a “straightforward way to integrate CRO into their portfolios through traditional banks and brokers, eliminating the need to directly handle digital wallets or exchanges,” 21Shares said. 

“By launching a Cronos ETP, we are offering investors […] regulated exposure to a blockchain ecosystem that is driving real-world adoption,” Mandy Chiu, 21Shares’ head of financial products development, said in a statement.

Related: Standard Chartered sees BNB more than doubling in 2025

The CRO token has a market capitalization of approximately $2.3 billion and a fully diluted value (FDV) of nearly $8.7 billion, according to data from CoinMarketCap. 

Cronos has a total value locked (TVL) of approximately $400 million, according to data from DeFiLlama. 

Its DeFi ecosystem includes Crypto.com’s liquid Ether staking token, Crypto.com Staked ETH, which has nearly $64 million in TVL, the data shows. 

Altcoin ETFs abound

On May 5, asset manager VanEck filed to list an exchange-traded fund (ETF) in the US tied to yet another exchange-affiliated token. 

The VanEck BNB ETF is the first proposed ETF in the US holding BNB Chain’s native token, BNB. The chain is affiliated with Binance, the world’s largest centralized exchange. 

In the US, 21Shares has proposed ETFs holding cryptocurrencies including Dogecoin (DOGE), Polkadot (DOT), and Solana (SOL). 

Asset managers are seeking the US Securities and Exchange Commission’s (SEC) permission to list upward of 70 cryptocurrency ETFs. 

The wave of filings has come as a result of US President Donald Trump softening the SEC’s regulatory posture toward crypto after taking office in January.

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