New Hampshire became the first U.S. state to approve municipal bonds backed by bitcoin, a milestone that could pave the way for digital assets to enter the $140 trillion global debt market.
On Monday, the state's business finance authority approved an unprecedented $100 million bitcoin "conduit bond" that allows companies to borrow against "over-collateralized bitcoin" held by a private custodian.
Although the Commercial Finance Authority (BFA) is a state agency, the bond is not guaranteed by the state government or taxpayers. Instead, the BFA acts only as a "conduit": approving and overseeing transactions, with no risk of repayment; investors' rights are protected by bitcoin held by custodian BitGo.
Just a few months ago, the region known as the "Granite State" (another name for New Hampshire) became the first state in the United States to allow state treasuries to invest up to 5% of public funds in digital assets, thus establishing the first "Strategic Bitcoin Reserve" in the United States.
New Hampshire issues first bitcoin-backed municipal bond
2025-11-19 00:13:06
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