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New Hampshire has approved the issuance of a $100 million municipal bond backed by Bitcoin, in what appears to be the first structure of its kind at the US state level.
<a href="https://nhbfa.com/meeting/november-17-2025-bfa-bod-meeting/" rel="noopener noreferrer nofollow" target="_blank">Minutes</a> from a Nov. 17 meeting of the New Hampshire Business Finance Authority (BFA), the state’s business financing agency, show the board planned “to consider approving a resolution authorizing up to $100,000,000 bonds for a project to acquire and hold digital currency.”
<a href="https://nhbfa.com/meeting/august-18-2025-nhbfa-bod-meeting/" rel="noopener noreferrer nofollow" target="_blank">Minutes</a> from the following day record that directors voted to “approve the preliminary official intent, with no reservation, to issue a taxable conduit revenue bond for WaveRose Depositor, LLC of up to $100,000,000.”
According to a Wednesday Crypto in America <a href="https://www.cryptoinamerica.com/p/new-hampshire-launches-first-bitcoin-6a6" rel="noopener noreferrer nofollow" target="_blank">report</a>, the <a href="https://cointelegraph.com/learn/articles/bonds-how-do-they-work-in-crypto" rel="noopener noreferrer nofollow" target="_self">bond</a> is backed by Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) and would let companies borrow against overcollateralized BTC held by a private custodian. The state or taxpayers do not back the bond; instead, BFA approves and oversees a private deal, while Bitcoin — reportedly held in custody by BitGo — covers investors.
According to the report, asset manager Wave Digital Assets and bond specialist Rosemawr Management designed the bond to utilize Bitcoin as collateral under the same rules that govern municipal and corporate bonds. Wave co-founder Les Borsai said the goal is to “bridge traditional fixed income with digital assets” for institutional investors.
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 The New Hampshire State House in Concord. Source: <a href="https://en.wikipedia.org/wiki/New_Hampshire#/media/File:Concord_New_Hampshire_state_house_20041229.jpg" rel="noopener noreferrer nofollow" target="_blank">Wikimedia</a>
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Related: <a href="https://cointelegraph.com/news/new-hampshire-north-dakota-strategic-bitcoin-reserve-bills" rel="noopener noreferrer nofollow" target="_self">New Hampshire, North Dakota introduce bills for Strategic Bitcoin Reserve</a>
“We believe this structure shows how public and private sectors can collaborate to responsibly unlock the value of digital assets and digital asset reserves,” he added.
The borrower is expected to post approximately 160% of the bond’s value in Bitcoin as collateral, and if the price of BTC drops below roughly 130%, a liquidation would ensure that bondholders stay whole. According to BFA Executive Director James Key-Wallace, fees from the transaction will fund the local innovation and entrepreneurship program, the Bitcoin Economic Development Fund.
<h2 id="new-hampshire-dives-headfirst-into-crypto">New Hampshire dives headfirst into crypto</h2>
The news follows New Hampshire <a href="https://cointelegraph.com/news/new-hampshire-bitcoin-reserve-law" rel="noopener noreferrer nofollow" target="_self">becoming the first US state</a> to allow its government to invest in cryptocurrencies in May after Governor Kelly Ayotte signed a bill allowing the municipality to “invest in cryptocurrency and precious metals.”
Related: <a href="https://cointelegraph.com/news/us-won-t-start-bitcoin-reserve-until-other-countries-do-mike-alfred" rel="noopener noreferrer nofollow" target="_self">US won’t start Bitcoin reserve until other countries do: Mike Alfred</a>
New Hampshire is also working on a bill to deregulate local cryptocurrency mining operations. In late October, a committee voted 4–2 to <a href="https://cointelegraph.com/news/new-hampshire-senate-stalls-crypto-mining-deregulation-bill-after-split-vote" rel="noopener noreferrer nofollow" target="_self">send the measure for further review </a>in an interim study after it had been deadlocked in the State Senate twice.
The local administration is viewed as particularly welcoming to the cryptocurrency industry. In early February, Brendan Cochrane, an Anti-Money Laundering specialist at YK Law in New York City, argued that it <a href="https://cointelegraph.com/news/new-hampshire-could-become-an-alternative-for-crypto-firms-moving-to-the-bahamas" rel="noopener noreferrer nofollow" target="_self">could become an alternative for crypto companies</a> relocating to the Bahamas.
The latest moves build on a longer history of crypto engagement. Back in 2015, New Hampshire was already working on a bill that would have allowed the state government to accept tax and fee payments in Bitcoin.
<a href="https://cointelegraph.com/news/new-hampshire-legislation-bitcoin" rel="noopener noreferrer nofollow" target="_self">The bill ultimately failed</a> in 2016, but it shows how early the local administration began to show interest in this asset class. Additionally, as early as 2016, some advocates were already arguing that New Hampshire was <a href="https://cointelegraph.com/news/new-hampshire-the-worlds-most-bitcoin-friendly-community" rel="noopener noreferrer nofollow" target="_self">among the world’s most Bitcoin-friendly communities</a>.
Magazine: <a href="https://cointelegraph.com/magazine/bo-hines-us-president-donald-trump-crypto-job-tether-usa/" rel="noopener noreferrer nofollow" target="_self">Quitting Trump’s top crypto job wasn’t easy: Bo Hines</a>

New Hampshire approves first-of-its-kind $100M Bitcoin-backed municipal bond

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