New Hampshire to Hold Hearing on Proposed $100 Million Bitcoin Bond
The New Hampshire Business Finance Authority approved an innovative proposal in 2025 to explore issuing $100 million in state bonds backed by Bitcoin collateral. The initiative aimed to diversify the state’s finances through digital assets. If approved, it would have been the first Bitcoin bond issued by a U.S. state government, marking a significant step toward integrating cryptocurrency into mainstream finance and establishing New Hampshire as a leader in digital finance.
The pioneering bond plan, however, stalled during its final review. In 2026, the New Hampshire Executive Council formally voted down the proposed $100 million Bitcoin bond issuance. Although the plan had cleared a hearing and won BFA support, it was ultimately rejected by the governor and council. State lawmakers who support digital assets reacted angrily, calling the decision an extremely shortsighted act of fiscal policy.
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The history behind this eventNew Hampshire Issues First Moody’s-Rated Bitcoin-Backed Bond
The New Hampshire Business Finance Authority had planned to serve as a conduit issuer for up to $100 million of taxable revenue bonds through the Waverose Finance Project. The bonds would be secured by a private borrower’s Bitcoin, with neither the state nor taxpayers responsible for repayment. The deal marked the first formal inclusion of crypto assets in a rated U.S. public-bond structure.
The BFA board approved the structure on November 18, 2025. On March 31, 2026, Moody’s assigned provisional Ba2 ratings to the 2026A-1 and 2026A-2 bonds, both due in 2029, with the collateral held in segregated custody by BitGo Bank & Trust. However, the state Executive Council voted 3–2 on July 8 to reject final authorization, leaving the proposed $100 million issuance on hold.
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