New Hampshire to issue $100M Bitcoin-backed bonds, Ba2-rated

New Hampshire’s Business Finance Authority will sell $100 million in bonds backed by Bitcoin. Moody’s assigned a provisional Ba2, below investment grade, per its notice. Moody’s statement. What appears to be the first Moody’s-rated, Bitcoin-backed muni in the U.S. was flagged by Coin Bureau. Coin Bureau tweet.

Moody’s classed the deal Ba2. That’s speculative grade. Two notches below Baa3. Moody’s statement.

Deal structure and terms:
- Issuer: New Hampshire BFA. Size: $100 million. Provisional Ba2. Moody’s statement
- Two series: 2026A-1 and 2026A-2. Both mature in 2029. Moody’s statement
- Series 2026A-2 may pay extra at maturity if BTC appreciates after obligations and expenses. Asymmetric upside feature. Moody’s statement
- Borrower: NH Cleanspark Borrower Trust 2026-1, linked to CleanSpark. Collateral posted in BTC. Moody’s statement
- Custodian and liquidation agent: BitGo Bank & Trust. Segregated wallets. Converts BTC to cash for payments. Moody’s statement
- Limited recourse. No state backstop or taxpayer guarantee. Payable solely from Bitcoin collateral proceeds. Moody’s statement
- Initial collateral coverage: 1.60x. Mandatory full redemption if it falls to 1.40x. Moody’s statement
- Advance rate used by Moody’s: 72.06%. Assumes a two-day BTC liquidation window. Moody’s statement

Moody’s and market context:
- Moody’s is the source for rating, sizing, structure, and collateral mechanics. Moody’s statement
- Coin Bureau highlighted the “first” Moody’s-rated BTC-backed muni aspect. Coin Bureau tweet

Headline
New Hampshire BFA to issue $100m Ba2 Bitcoin-backed bonds