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New Hampshire Issues First Moody's-Rated Bitcoin-Backed Bond

31 March, 2026.Crypto.8 sources

Key Takeaways

The bond is a first-of-its-kind municipal issue backed by bitcoin.
Moody's assigned Ba2 rating to about $100 million in bitcoin-backed revenue bonds.
Described as unprecedented in crypto-backed public finance by Moody's and outlets.

Pioneering Bitcoin-Backed Bond

The New Hampshire Business Finance Authority is set to issue the first rated bitcoin-backed bond.

“Bitcoin enters the public bond market as Moody’s gives a first-of-its-kind crypto deal a rating A New Hampshire state authority is set to issue a first-of-its-kind bitcoin-backed bond with a Ba2 rating, marking an early test of how crypto can function as collateral inside traditional public finance markets”

@coindesk

It received a provisional Ba2 rating from Moody's.

@coindesk

The bond is backed by bitcoin held in custody by BitGo.

The structure includes 1.6x overcollateralization and liquidation triggers.

No Public Fund Exposure

No public funds may be used to pay the bonds.

The issuer lacks taxing authority to fill any shortfall.

Bitcoin Magazine

BitGo Bank & Trust will hold the bitcoins in separate wallets.

Hybrid Fixed-Income and Crypto Exposure

Investors receive regular payments plus additional yield if bitcoin price appreciates.

“Moody's has assigned a provisional Ba2 rating to bitcoin-backed taxable-revenue bonds with a maximum value of $100 million to be issued by the New Hampshire State Business Finance Authority”