New Hampshire to Hear $100M Bitcoin-Backed Bond Plan
New Hampshire will hold a public hearing on issuing $100 million in Bitcoin‑secured bonds, the Secretary of State’s office announced. The BFA approved the plan in November 2025.
The New Hampshire Business Finance Authority scheduled a public hearing Wednesday to review issuing $100 million in bonds secured by Bitcoin. The BFA approved the bond in November 2025 and plans to issue the securities only after formal approval from Governor Kelly Ayotte and the state’s five‑member executive council, according to an agenda update.
Under the proposed structure, a private borrower identified as CleanSpark would provide Bitcoin as collateral to secure the bonds. The hearing will allow lawmakers and members of the public to examine the bond’s structure and the risks tied to a municipal-style security backed by cryptocurrency.
After the BFA vote, Governor Kelly Ayotte described the plan as “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.”
David Krause, an emeritus associate professor of finance at Marquette University who analyzed the proposal, wrote that the collateral arrangement leaves “no recourse to state funds or taxpayers” and warned the bonds carry “substantial risk” because of Bitcoin’s price swings. He added the instruments are “not well suited as a general-purpose public finance tool.”
In March, Moody’s assigned the proposed bond a provisional Ba2 rating, placing it in the agency’s speculative-grade category and indicating higher credit risk than most municipal debt.
In May 2025, the governor signed a law creating a strategic Bitcoin reserve that allows the state to invest up to 5% of public funds in digital assets with market capitalizations above $500 billion. State officials have presented the bond as a potential complement to that reserve and a way to broaden the state’s use of tokenized or crypto-linked products.
A prior attempt to issue Bitcoin-backed bonds occurred in El Salvador in 2022, when the government proposed $1 billion in so-called “Volcano Bonds” to fund a planned Bitcoin City; that project stalled and the bonds were never issued.
The public hearing will provide a forum for officials and residents to evaluate whether a subnational U.S. issuer can structure and market a bond secured by Bitcoin while limiting exposure to taxpayers.
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