Overview
- The proposal went before Governor Kelly Ayotte and the five-member Executive Council at a public hearing on July 8 and has moved to the council for a final vote that reporting says is likely but not yet uniformly confirmed.
- Under the plan the New Hampshire Business Finance Authority would issue up to $100 million in taxable conduit revenue bonds that a private borrower, NH CleanSpark Borrower Trust 2026-1, would repay rather than the state.
- The bonds would be secured by Bitcoin held in cold storage by BitGo with roughly 150%–160% over-collateralization and an automatic liquidation trigger if coverage falls to about 140 percent.
- Moody’s gave the transaction a provisional Ba2 rating in March, reflecting speculative credit risk tied to Bitcoin’s price swings and limiting the pool of institutional buyers to those that accept below-investment-grade debt.
- Backers say the deal creates a template for integrating digital assets into public finance and will fund a Bitcoin Economic Development Fund through BFA fees, while analysts warn forced liquidations in a sharp price drop could create liquidity stress and reputational risk for the state.