New Hampshire Set To Hold Hearing On $100M Bitcoin-Backed Bonds

New Hampshire lawmakers are set to discuss a proposal to issue $100 million in bonds backed by Bitcoin, according to an announcement from the state’s Secretary of State’s office. The state’s Business Finance Authority scheduled the hearing for Wednesday, with final approval still needed from Governor Kelly Ayotte and the five-member executive council.

Bond Plan Builds On Earlier Approval

The Business Finance Authority first approved the bond structure back in November 2025, saying it would move forward with issuance once state leadership signed off. Ayotte previously described the plan as a way to attract new investment and position the state as a leader in digital finance, while stressing that no state funds or taxpayer money would be at risk. New Hampshire made history in May 2025 as the first state to pass a law creating a strategic Bitcoin reserve, permitting up to 5% of public funds to be invested in large-cap digital assets.

Experts Flag Risk And Limited Use Case

Finance professor David Krause noted that while the bond is backed by private collateral from CleanSpark rather than public funds, it carries real risk and isn’t a practical model for broader public financing. Moody’s gave the bond a provisional Ba2 rating in March, placing it in speculative-grade territory.

El Salvador attempted a comparable plan in 2022 under President Nayib Bukele, proposing $1 billion in Bitcoin-backed “Volcano Bonds” to fund a Bitcoin City project. That plan collapsed after a market downturn and never launched.