New Hampshire to vote on $100M Bitcoin-backed bond

New Hampshire will vote on a $100M Bitcoin-backed bond, with no taxpayer risk. The move could make the state a digital finance leader and set a precedent for crypto bonds.

New Hampshire is set to hold a public hearing and final vote on a groundbreaking proposal to issue up to $100 million in municipal bonds backed by Bitcoin. Managed by the New Hampshire Business Finance Authority (BFA), the initiative would see the state act as a conduit, with proceeds lent to NH CleanSpark Borrower Trust 2026-1, linked to Bitcoin mining firm CleanSpark. The bond structure ensures that repayment is solely the responsibility of the private borrower, using Bitcoin as collateral, so taxpayer funds are not at risk. Automatic liquidation mechanisms are included to protect investors from Bitcoin price volatility. The BFA would receive its fee in Bitcoin, supporting a planned Bitcoin Economic Development Fund. The proposal has already received a provisional Ba2 rating from Moody's and BFA approval. If passed, it could attract investment, position New Hampshire as a digital finance leader, and set a precedent for crypto-backed financial products.