Overview
- The New Hampshire Executive Council voted 3-2 Wednesday to deny authorization for a $100 million municipal bond that would have been backed by Bitcoin collateral.
- The proposal was advanced by the New Hampshire Business Finance Authority and promoted by Governor Kelly Ayotte as a way to attract digital finance firms and create new state revenue streams.
- Authority officials argued the deal would be a private conduit with no direct taxpayer liability, saying private investors and a private borrower would hold the risk and the state would not be on the hook.
- Opponents on the council cited Bitcoin's steep price swings, questions about legal protections for taxpayers, and the risk of forced liquidations if collateral values fell.
- Reported private partners for the structure included Wave Digital Assets and Rosemawr Management with BitGo named as custodian, and officials said they could return with more information if the authority revises the plan; the vote leaves New Hampshire's broader pro‑Bitcoin push, including last year's HB 302, politically unsettled.