New Hampshire to Issue $100 Million Bitcoin-Backed Municipal Bond With Ba2 Rating From Moody's

Mar 31, 2026

New Hampshire is advancing a $100 million bitcoin-backed municipal bond, described as the first-of-its-kind instrument blending cryptocurrency collateral with traditional public debt markets. Moody's Investors Service assigned the bond a Ba2 rating, placing it in speculative-grade territory below investment-grade status. BitGo will serve as custodian and liquidation agent for the bitcoin collateral backing the bond. The structure offers investors yield plus upside tied to bitcoin collateral while carrying no taxpayer risk, marking an early test of crypto assets in municipal finance.

Bitcoin-Backed Municipal Bond Structure and Innovation

▪New Hampshire's bitcoin-backed municipal bond is described as first-of-its-kind.
▪New Hampshire's bitcoin-backed municipal bond is valued at $100 million.
▪New Hampshire is advancing a bitcoin-backed municipal bond.
▪New Hampshire's bitcoin-backed municipal bond offers upside tied to bitcoin collateral.
▪New Hampshire's bitcoin-backed municipal bond blends crypto volatility with traditional debt markets.

Credit Rating and Risk Assessment

▪Moody's Investors Service rated New Hampshire's bitcoin-backed municipal bond Ba2.

Investor Benefits and Taxpayer Protection

▪New Hampshire's bitcoin-backed municipal bond carries no taxpayer risk.

Perspective of Moody's Investors Service

▪Moody's Investors Service assigned a Ba2 rating to New Hampshire's bitcoin-backed municipal bond, indicating speculative-grade credit quality.
▪Moody's Investors Service's Ba2 rating places New Hampshire's bitcoin-backed municipal bond below investment-grade status.

Perspective of Traditional municipal bond investors

▪New Hampshire's bitcoin-backed municipal bond introduces cryptocurrency volatility into the traditionally stable municipal bond market.
▪New Hampshire's bitcoin-backed municipal bond represents an early test of cryptocurrency as collateral in public finance markets.