New Hampshire BFA to Issue $100M Taxable Bitcoin-Backed Municipal Bond

On April 1, 2026, New Hampshire’s Business Finance Authority said it plans to issue $100 million in taxable Bitcoin-backed bonds, described as the first rated municipal bond secured by cryptocurrency. The deal received a provisional Ba2 rating from Moody’s and uses CleanSpark’s Bitcoin held in BitGo cold storage, with 1.60x initial collateral coverage and a 1.40x loan-to-value trigger for mandatory redemption. The bonds are structured as limited-recourse, with payments sourced solely from collateral proceeds and no taxpayer backing or state guarantee.

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