New Hampshire’s Bitcoin-Backed Municipal Bond Moves Closer With Moody’s Rating
New Hampshire's $100 million bitcoin-backed municipal bond is progressing after receiving a Ba2 rating from Moody’s, potentially opening new avenues for institutional investment in bitcoin.Summary
A groundbreaking municipal bond backed by bitcoin is nearing issuance after receiving a sub-investment-grade rating from Moody’s Investors Service. The proposed $100 million bond, structured by the New Hampshire Business Finance Authority (BFA), is collateralized by bitcoin posted by CleanSpark, with investors potentially benefiting from bitcoin price appreciation. Downside protections are in place, including liquidation if bitcoin’s price falls below a certain threshold, and crucially, the bonds are not backed by taxpayer funds. Key players in the deal include Wave Digital Assets for transaction administration and BitGo as the bitcoin custodian. While volatility remains a key risk, proponents believe the structure could integrate bitcoin into conservative capital markets and establish a new hybrid asset class, bridging digital assets and traditional debt markets.
(Source：Bitcoin Magazine)