New Hampshire Council Rejects $100M Bitcoin-Backed Bond Proposal

New Hampshire’s executive council voted down a proposal that would have authorized the state to issue $100 million in bonds backed by Bitcoin. The five member panel rejected the plan by a 3-2 margin during a Wednesday hearing, despite earlier approval from the state’s Business Finance Authority in November 2025 and backing from Governor Kelly Ayotte.

Lawmaker Calls Decision “Short-Sighted”

State Representative Keith Ammon criticized the outcome, describing the vote as a missed opportunity and calling on the council to revisit the proposal with additional information at a future meeting. Councilors Karen Liot Hill, Dave Wheeler and Janet Stevens voted against the bonds, while Joseph Kenney and John Stephen supported the measure.

Bond Structure Drew Mixed Reactions

The proposed bonds would have used Bitcoin collateral provided by CleanSpark, continuing New Hampshire’s pattern of embracing digital asset policy following its crypto reserve law passed in May 2025. Moody’s had assigned the bond a provisional rating earlier this year, though some financial experts cautioned that the structure carried meaningful risk for state residents.

Broader Crypto Policy Questions Loom

The rejection comes as New Hampshire weighs its position on other digital asset matters, including ongoing legal battles between state gaming regulators and prediction market platforms over federal oversight authority.