According to Eleanor Terrett, New Hampshire has become the first U.S. state to enact a law permitting its treasurer to purchase Bitcoin as a strategic reserve, either directly or via an exchange-traded product (ETP) (source: Eleanor Terrett, May 6, 2025). This development establishes a precedent for institutional crypto adoption at the state level and signals growing governmental trust in Bitcoin as a store of value. Crypto traders may see increased legitimacy and potential price support for Bitcoin as other states or entities could follow New Hampshire's lead, potentially boosting institutional demand and market liquidity.

According to BitMEX Research, investors purchasing MicroStrategy shares at a premium are facing challenges due to regulatory restrictions preventing them from directly investing in Bitcoin ETPs. The analysis suggests that Michael Saylor's strategy of purchasing Bitcoin through MicroStrategy is sound, highlighting the regulatory environment as a significant factor in market behavior.