New Hampshire Rejects $100 Million Bitcoin-Backed Bond Proposal

The July 8 vote effectively killed the initiative, which had required final state authorization to proceed through the New Hampshire Business Finance Authority. While Governor Kelly Ayotte championed the project as a risk-free investment opportunity for the state, council members Janet Stevens, Karen Umberger, and Dave Wheeler sided against the measure. The structure, which received a speculative-grade Ba2 rating from Moody’s in March, was designed to protect taxpayers by limiting bondholder claims solely to the collateral held in segregated wallets managed by BitGo.

Despite the rejection, the state maintains a broader interest in digital assets, having previously authorized a strategic cryptocurrency reserve. House Majority Floor Leader Keith Ammon criticized the council's move as short-sighted, warning that the state-linked authority could lose potential fee revenue. Currently, the Business Finance Authority has not scheduled further hearings or revisions, leaving the future of the bond structure uncertain.