New Hampshire Council Hears $100M Bitcoin-Backed Bond

New Hampshire's Executive Council held a public hearing on Wednesday, July 8, 2026, to consider a proposal for what would be the first U.S. municipal bond backed by Bitcoin. The $100 million bond issuance, which has already received approval from the state's Business Finance Authority (BFA), represents a significant test case for integrating cryptocurrency into traditional public finance.

The hearing before Governor Kelly Ayotte and the five-member council was a final procedural step, required to determine if the project is feasible and beneficial for the state. Approval would clear the last governmental hurdle, allowing the bond to move toward issuance. The structure is designed as a conduit bond, meaning the state facilitates the loan but is not directly responsible for repayment. The proceeds will be lent to a private borrower, identified in reports as the NH CleanSpark Borrower Trust 2026-1, an entity tied to the Bitcoin mining company CleanSpark. Officials have emphasized that this model isolates risk, with no recourse to state funds or taxpayers.

The bond would be secured by Bitcoin held as collateral, with specific mechanisms to address the cryptocurrency's volatility....