New Hampshire is about to do something no US state has done before: put Bitcoin behind a municipal bond. A public hearing is scheduled for July 8 before the state’s Executive Council to seek approval for a $100 million Bitcoin-backed bond issuance, potentially making it the first instrument of its kind in American public finance.
How the bond actually works
The structure uses a conduit model through the New Hampshire Business Finance Authority, meaning the state itself isn’t on the hook for repayment. A private borrower is. New Hampshire is lending its name and regulatory framework to facilitate the bond, but taxpayer money isn’t at risk if things go sideways. The BFA acts as the middleman, issuing the bond on behalf of a private entity while collecting fees that support the state’s economic development programs.
The Bitcoin serving as collateral is over-collateralized at approximately 150% to 160%. So for every dollar of bond value, there’s roughly $1.50 to $1.60 worth of Bitcoin backing it up. Those assets sit in cold storage managed by BitGo. The BFA approved this bond framework back in November 2025, and Executive Director James Key-Wallace has been leading the effort since. The July 8 hearing represents the final state-level hurdle before the bond can actually be issued.
