New Hampshire weighs $100M Bitcoin bonds
- New Hampshire lawmakers will hold a hearing on a proposal to issue US$100 million in Bitcoin-backed bonds.
- The bonds still require approval from Governor Kelly Ayotte and the state's Executive Council before they can be issued.
- The proposal builds on New Hampshire's broader digital asset strategy after becoming the first US state to establish a strategic Bitcoin reserve.
New Hampshire's Business Finance Authority has scheduled a public hearing on a proposal to issue US$100 million in Bitcoin (CRYPTO:BTC)-backed bonds, with the plan awaiting approval from Governor Kelly Ayotte and the state's Executive Council.
The authority approved the proposed bond issue in November 2025 after New Hampshire became the first US state to establish a strategic Bitcoin reserve, allowing up to 5% of public funds to be invested in qualifying digital assets.
“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,” said New Hampshire Governor Kelly Ayotte.
The proposed bonds would use collateral provided by private borrower CleanSpark rather than state funds, although finance professor David Krause said the structure may not be suitable as a general-purpose public finance tool because of the volatility of digital assets.
Moody's assigned the proposed bonds a provisional Ba2 rating in March, placing them in its speculative-grade category, while no market reaction accompanied the hearing announcement.
The proposal represents one of the first attempts by a US state to issue Bitcoin-backed bonds, following New Hampshire's broader efforts to adopt digital asset policies.
The concept follows El Salvador's proposed US$1 billion Bitcoin-backed Volcano Bonds, which were announced in 2022 but were never issued after cryptocurrency market conditions weakened.
At the time of reporting, Bitcoin price was $63,135.80.
