#新罕布什尔州将表决1亿美元比特币债券 United States New Hampshire Bureau of Financial Management (BFA) previously approved the issuance of a $100 million Bitcoin-backed municipal revenue bond. On July 8, 2026, the Governor and a five-member Executive Committee will hold a public hearing to enter the final approval process. If the proposal is approved, it would become the first U.S. state-level municipal revenue bond backed by Bitcoin.
This bond is a “conduit revenue bond.” It is raised by a private borrowing party (the affiliated mining company CleanSpark) through the NH CleanSpark Borrower Trust 2026-1. New Hampshire will only serve as the issuing conduit and provide oversight; it will not assume repayment responsibility for principal or interest on the bonds, and taxpayers bear no direct risk. The borrower must provide overcollateralization using Bitcoin in a cold wallet custodied by BitGo, with a collateral ratio of approximately 160% (i.e., roughly $160 million worth of equivalent BTC pledged). If the value of the collateral drops to 140% of the bond’s par value, it will trigger forced liquidation and early redemption. Moody’s gave the bond a preliminary rating of Ba2 in March 2026, which is speculative-grade (junk). The underwriter is Jefferies, and the structure was designed by Wave Digital Assets and Rosemawr Management.
New Hampshire previously passed HB302, making it the first state in the U.S. to legislate that up to 5% of public funds may be directed to Bitcoin (the Strategic Bitcoin Reserve Act). If this bond proceeds, the issuance fees will be injected in the form of Bitcoin into the state’s “Bitcoin Economic Development Fund” to support blockchain innovation projects in the region.
Supporters view it as a regulatory sandbox experiment that merges traditional fixed income with digital assets, and as a way to demonstrate the viability of Bitcoin as high-quality institutional collateral. Critics counter that Bitcoin’s historical volatility makes it easy to breach the liquidation threshold, and that the speculative-grade rating means investors must bear the risk of extreme volatility in the crypto market themselves. The final outcome depends on the Executive Committee’s assessment of feasibility and impacts on the public interest. If approved, it will be formally issued when market conditions are suitable.
This bond is a “conduit revenue bond.” It is raised by a private borrowing party (the affiliated mining company CleanSpark) through the NH CleanSpark Borrower Trust 2026-1. New Hampshire will only serve as the issuing conduit and provide oversight; it will not assume repayment responsibility for principal or interest on the bonds, and taxpayers bear no direct risk. The borrower must provide overcollateralization using Bitcoin in a cold wallet custodied by BitGo, with a collateral ratio of approximately 160% (i.e., roughly $160 million worth of equivalent BTC pledged). If the value of the collateral drops to 140% of the bond’s par value, it will trigger forced liquidation and early redemption. Moody’s gave the bond a preliminary rating of Ba2 in March 2026, which is speculative-grade (junk). The underwriter is Jefferies, and the structure was designed by Wave Digital Assets and Rosemawr Management.
New Hampshire previously passed HB302, making it the first state in the U.S. to legislate that up to 5% of public funds may be directed to Bitcoin (the Strategic Bitcoin Reserve Act). If this bond proceeds, the issuance fees will be injected in the form of Bitcoin into the state’s “Bitcoin Economic Development Fund” to support blockchain innovation projects in the region.
Supporters view it as a regulatory sandbox experiment that merges traditional fixed income with digital assets, and as a way to demonstrate the viability of Bitcoin as high-quality institutional collateral. Critics counter that Bitcoin’s historical volatility makes it easy to breach the liquidation threshold, and that the speculative-grade rating means investors must bear the risk of extreme volatility in the crypto market themselves. The final outcome depends on the Executive Committee’s assessment of feasibility and impacts on the public interest. If approved, it will be formally issued when market conditions are suitable.