New Hampshire Bitcoin Bond Nears Final Vote Amid Liquidation Risk

New Hampshire's Executive Council is set to vote Wednesday on a $100 million bitcoin-backed conduit bond, potentially the first of its kind in the U.S. The structure funnels proceeds to a CleanSpark-linked trust backed by $160 million in BTC collateral, with mandatory liquidation triggered if coverage drops to 140%. While the Business Finance Authority approved the deal in November 2025 and a public hearing is scheduled, Bitcoin's 50% drop from above $126,000 to near $60,000 heightens collateral concerns. Moody's assigned a provisional Ba2 rating in March, underscoring the speculative nature despite the state's May 2025 Bitcoin reserve law.