New Hampshire Bitcoin bond heads to $100M public hearing

New Hampshire officials will review a proposed $100 million Bitcoin-backed bond at a public hearing on July 8, according to the Governor and Executive Council agenda. 

Summary

• New Hampshire could clear a Bitcoin-backed bond using private collateral, not direct taxpayer funding exposure.
• Moody’s Ba2 rating places the deal below investment grade as Bitcoin volatility remains central risk.
• The July hearing follows New Hampshire’s earlier Bitcoin reserve law and November bond approval decision.

The item sits under the state’s Business Finance Authority, which approved the structure in November 2025.

The proposed taxable revenue bonds would support NH CleanSpark Borrower Trust 2026-1, a New Hampshire investment trust tied to Bitcoin acquisition. The agenda says the proceeds would help finance Bitcoin purchases and cover expenses linked to issuing the bonds.

Bond uses private collateral

The BFA has framed the plan as a Bitcoin-backed municipal bond that does not rely on state funds. Under the proposed setup, the authority would act as a facilitator, while the private borrower would carry repayment duties.

Governor Kelly Ayotte backed the plan after the BFA approval. “This is an innovative way to bring more investment opportunities to our state and position us as a leader in digital finance without risking state funds or taxpayer dollars,” she said.

The BFA also said BitGo Trust Company would serve as the custodian for the Bitcoin collateral. The assets would be held in regulated cold storage, while fees from the deal would support a Bitcoin Economic Development Fund.

Moody’s rating keeps risk in focus

Moody’s assigned the proposed bond a provisional Ba2 rating in March. That rating falls below investment grade and points to credit risk tied to the structure.

The rating also showed how traditional credit markets are trying to price Bitcoin collateral. The bond relies on overcollateralized Bitcoin, with borrowers expected to post about 160% of the bond’s value in BTC.

David Krause, an emeritus associate professor of finance at Marquette University, also raised concerns in an April analysis. “While the bond may serve as a proof of concept for integrating digital assets into structured finance, it is not well suited as a general-purpose public finance tool,” he said.

New Hampshire keeps expanding Bitcoin policy

The hearing follows New Hampshire’s wider push into digital asset policy. As previously reported by crypto.news, the state approved the $100 million Bitcoin-backed conduit bond structure in November 2025.

New Hampshire also became the first U.S. state to approve a strategic Bitcoin reserve law in 2025. The law allows the state to invest up to 5% of public funds in eligible digital assets with a market cap above $500 billion.

The bond proposal would mark another step in the state’s attempt to connect public finance with Bitcoin. Still, the July 8 agenda shows a hearing, not a completed issuance. The final path depends on approval from Governor Kelly Ayotte and the five-member Executive Council.