Overview
- Moody’s assigned a provisional Ba2 rating Tuesday to a proposed $100 million bond from the New Hampshire Business Finance Authority.
- The bonds would be the first municipal issue secured by bitcoin, with BitGo safeguarding the collateral and selling coins to make payments if needed.
- The structure opens with about 1.6x collateral and includes loan-to-value triggers that force redemptions if bitcoin’s price falls.
- Moody’s cited bitcoin’s volatility and modeled roughly a 72% advance rate with a two-day window to liquidate collateral.
- The sale still depends on final legal documents and pricing, and the speculative grade points to high-yield and crypto-focused buyers rather than mainstream muni funds.