N.H. Executive Council Rejects $100M Bitcoin-Backed Bonds

At a Wednesday hearing in Concord, New Hampshire’s executive council voted 3-2 against a proposal from the New Hampshire Business Finance Authority to issue $100 million in bonds secured by Bitcoin. The authority had approved the investment plan in November 2025, and the proposal had support from Governor Kelly Ayotte.

Councilors Karen Liot Hill, Dave Wheeler and Janet Stevens voted against the bond issuance. Joseph Kenney and John Stephen voted in favor. The securities would have been issued by the Business Finance Authority with CleanSpark, a bitcoin-mining and infrastructure company, providing Bitcoin as collateral.

Credit and market analysts raised concerns about tying public debt to a volatile asset. In March, Moody’s assigned the proposed bonds a provisional Ba2 rating. Opponents pointed to risks including large price swings in Bitcoin, custody and storage challenges, possible legal uncertainty, and questions about how any losses would be allocated between the authority and state taxpayers.

Supporters said the structure could create a new revenue source and noted New Hampshire’s May 2025 law establishing a state crypto reserve. The Business Finance Authority described the plan as an option to expand public finance tools using digital-asset collateral.

State Representative Keith Ammon criticized the council’s decision, calling the vote “extremely short-sighted” in a post on X and urging councilors to reconsider. The executive council did not announce immediate plans to revisit the proposal.

Separately, State Senator Tim Lang had indicated plans to introduce legislation in April to restrict prediction markets. By Friday, major prediction market platforms remained accessible in New Hampshire.

The council’s vote halts the immediate issuance of the $100 million Bitcoin-backed bonds. The Business Finance Authority may modify the proposal or return with additional analysis at a future meeting.