New Hampshire rejects $100M Bitcoin-backed bond after public finance hearing
New Hampshire’s Executive Council voted 3-2 on July 8 to reject a proposed $100 million Bitcoin-backed municipal bond, blocking a Business Finance Authority structure that would have routed BTC collateral through a state-linked public finance process. The proposal had already received a provisional Ba2 rating from Moody’s and was designed with Wave Digital Assets, Rosemawr Management, Orrick, and BitGo Trust as custodian. Backers said taxpayers and state guarantees would not be at risk, but Governor Kelly Ayotte and council members still declined approval. The vote shows that a Bitcoin-backed financing deal can clear credit-market scrutiny yet still fail in the public-approval stage. The experiment remains unfinished, and the state could revisit it later, but this version did not make it into the municipal bond pipeline.
