New Hampshire Plans $100M Bitcoin-Backed Bonds — What Citizens Need To Know

New Hampshire plans a potentially first-of-its-kind $100 million Bitcoin-backed municipal bond program that uses over‑collateralized Bitcoin held in regulated custody (BitGo) rather than taxpayer guarantees. The conduit revenue bonds, expected in 2026 with 2029 maturities, tie repayment to private borrowers who pledge Bitcoin at roughly 160% of bond value, with an automatic liquidation trigger if collateral falls to 140% of outstanding debt. Moody’s gave a provisional Ba2 rating, reflecting speculative-grade risk from Bitcoin volatility but recognizing structural protections. The structure could open a new channel for crypto firms to access cheaper capital, seed a Bitcoin Economic Development Fund for state growth, and serve as a replicable model that normalizes Bitcoin as institutional collateral.