New Hampshire halts $100M Bitcoin-backed bond plan

New Hampshire’s Executive Council rejected a $100M Bitcoin-backed municipal bond, halting a plan that would have made the state the first to issue such a bond.

New Hampshire initially positioned itself as a pioneer in digital finance by passing legislation in May 2025, allowing up to 5% of certain public funds to be invested in Bitcoin and precious metals. Building on this, the state advanced a proposal for a $100 million municipal bond backed by Bitcoin as collateral. This initiative, supported by the New Hampshire Business Finance Authority and Governor Kelly Ayotte, was promoted as groundbreaking and carried no direct risk to taxpayers. The bond cleared Moody’s ratings and awaited final approval. However, on July 9, 2026, the New Hampshire Executive Council voted 3-2 to reject the proposal. Council members cited concerns over Bitcoin’s volatility and questioned the legitimacy of using it as collateral for public finance. Despite assurances that taxpayer money was not at risk and that a private company would repay the bond, the decision halted what would have been the world’s first Bitcoin-backed municipal bond. Supporters argued that the plan could have established New Hampshire as a leader in digital finance, but the council’s decision ended the effort.