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New Hampshire Nears a $100 Million Bitcoin-Backed Bond, a US First
New Hampshire is on the verge of becoming the first US state to issue a municipal bond backed by Bitcoin. Governor Kelly Ayotte and the state's Executive Council are holding a public hearing on a $100 million bond routed through the New Hampshire Business Finance Authority, with a private borrower, Bitcoin miner CleanSpark, posting Bitcoin as collateral rather than any taxpayer money. The bond is over-collateralized at roughly 150% to 160% in Bitcoin held by custodian BitGo, but Moody's still gave it a provisional Ba2, a speculative rating two notches below investment grade, a nod to how far crypto volatility sits from the stability municipal finance usually prizes.
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