New Hampshire Issues $100M in Bitcoin-Collateralized Bonds

The New Hampshire Business Finance Authority (BFA) is taking a bold step in the world of finance by issuing $100 million in Bitcoin-collateralized bonds. This move marks a significant milestone, as it represents the first known instance of a U.S. public authority issuing debt fully backed by cryptocurrency.

According to Moody's Investors Service, the bonds carry a provisional Ba2 rating, which is considered speculative-grade. This designation indicates that the conventional muni buyer universe may be excluded from investing in these bonds. However, high-yield investors and crypto-native fixed-income allocators are expected to take notice of this opportunity.

The bonds will be issued in two series: Series 2026A-1 and Series 2026A-2, both maturing in 2029. Holders of Series 2026A-2 will have the option to receive additional payments at maturity if Bitcoin appreciates sufficiently after principal, interest, and expenses are covered.