Moody's Gives Provisional Ba2 Rating to NH Bitcoin Bond

The New Hampshire Business Finance Authority approved a pioneering $100 million municipal bond backed by Bitcoin collateral in November 2025, a structure now one step closer to issuance after receiving a provisional Ba2 rating from Moody's Investors Service this week. The bond, described by the authority as the world's first of its kind, would allow companies to borrow against overcollateralized Bitcoin holdings, with the state acting solely as a conduit issuer and no public funds at risk.

The authority's board greenlit the financing on November 19, 2025, designating BitGo Trust Company as the custodian for the Bitcoin collateral. The initial issuance is set at $100 million, though no pricing or sale date has been announced. Final approval from Governor Kelly Ayotte and the Executive Council remains pending, a requirement that underscores the transaction's incomplete status. Wave Digital Assets, in partnership with Rosemawr Management, designed the program, which includes mechanisms to generate fees supporting a Bitcoin Economic Development Fund aimed at promoting business growth and financial innovation in the state.

Unlike traditional municipal bonds secured by tax revenues or...