Overview
- A public hearing before Governor Kelly Ayotte and the five‑member Executive Council is scheduled for Wednesday and serves as the final state‑level step before the New Hampshire Business Finance Authority can issue up to $100 million in taxable conduit bonds.
- The bond is a conduit or taxable revenue structure so the state and taxpayers are not contractually on the hook and a private borrower, NH CleanSpark Borrower Trust 2026‑1, would be responsible for repayment.
- Transaction documents name about $160 million of Bitcoin collateral for $100 million of bonds (roughly 150%–160% over‑collateralization) and an automatic liquidation trigger if coverage falls near 140%.
- Moody’s gave the proposed bonds a provisional Ba2 rating, which places them below investment grade and limits the buyer pool to investors willing to accept speculative credit risk.
- Analysts and academics warn the automatic liquidation mechanics and large forced sales could be triggered by a sharp Bitcoin decline, creating market liquidity, price‑impact and reputational risks even though custody is assigned to BitGo and administration to Wave Digital Assets.