On November 17, 2025, New Hampshire authorized a pioneering $100 million bitcoin-backed conduit bond, enabling corporate borrowers to use over-collateralized bitcoin while protecting taxpayers from risk. Developed in partnership with Wave Digital Assets and Rosemawr Management, the bond integrates digital assets into traditional fixed-income structures. State officials see it as a test for bitcoin's viability as high-grade collateral.
New Hampshire's Business Finance Authority (BFA) approved the $100 million bitcoin-backed conduit bond on November 17, 2025, marking the first municipal model of its kind in the United States. This innovative financing allows corporate borrowers to secure loans using over-collateralized bitcoin, ensuring that taxpayers are shielded from any repayment risks. The BFA will oversee the program without assuming liability, building on recent state legislation that established a strategic bitcoin reserve.
The structure was developed with Wave Digital Assets and Rosemawr Management, placing bitcoin collateral within traditional fixed-income norms. It includes liquidation thresholds to safeguard investors and aligns with conventional bond market standards. Fees generated from the program, along with potential gains from the collateral, will contribute to the state's Bitcoin Economic Development Fund.
Officials described the initiative as a controlled test of bitcoin's performance as high-grade collateral. Positioned as a template for broader adoption, the bond could influence other states exploring regulated crypto-backed borrowing and help integrate digital assets into the global bond market. The approval reflects growing acceptance of cryptocurrencies in public finance, though it remains limited in scope to mitigate risks.
This development comes amid evolving regulatory landscapes for digital assets, with the BFA board's minutes providing further details on the decision.