The New Hampshire Business Finance Authority (BFA) has previously approved the issuance of a $100 million Bitcoin-backed municipal bond, and a public hearing will be held by the Governor and the five-member Executive Council on July 8, 2026, entering the final approval process. If approved, this would become the first state-level municipal revenue bond in the United States backed by Bitcoin.

This bond is a "conduit revenue bond" issued by a private borrower (affiliated mining company CleanSpark) through the NH CleanSpark Borrower Trust 2026-1. New Hampshire acts solely as a conduit issuer and provides oversight, assuming no repayment responsibility for the bond's principal or interest, and taxpayers face no direct risk. The borrower must overcollateralize with Bitcoin held in a BitGo cold wallet, with a collateral ratio of approximately 160% (i.e., about $160 million worth of BTC must be pledged). If the collateral value falls to 140% of the bond's face value, a mandatory liquidation and early redemption will be triggered. Moody's gave the bond a preliminary Ba2 rating in March 2026, classifying it as speculative grade (junk bond). The underwriter is Jefferies, and the structure was designed by Wave Digital Assets and Rosemawr Management.

New Hampshire previously passed HB302, becoming the first state in the U.S. to legislate allowing up to 5% of public funds to be invested in Bitcoin (Strategic Bitcoin Reserve Act). If this bond materializes, the issuance fees will be injected into the state's "Bitcoin Economic Development Fund" in Bitcoin, to support local blockchain innovation projects.

Supporters view this as a regulatory sandbox experiment combining traditional fixed income with digital assets, testing the feasibility of Bitcoin as high-quality institutional collateral. Critics, however, point out that Bitcoin's historical volatility could easily breach the liquidation threshold, and the speculative-grade rating means investors must bear the risks of extreme volatility in the crypto market. The final outcome depends on the Executive Council's assessment of feasibility and public interest impact; if approved, the bond will be formally issued when market conditions are favorable.