Well, slap my Bridget Jones diary and call me confused! The New Hampshire Business Finance Authority (BFA) is about to issue a $100 million Bitcoin-backed bond with a Moody’s rating of Ba2. Yes, you read that right-Ba2. That’s financial speak for “speculative-grade,” or as I like to call it, “a bit of a gamble, darling.” Apparently, this is the first time a U.S. public authority has decided to dive headfirst into the crypto pool, and Moody’s is like, “Eh, sure, why not?”
For those of us who still think a muni bond is something you wear to a fancy dinner, this is a big deal. Normally, state-level bonds are rated Aa or above, which is basically the financial equivalent of a trust fund baby. But Ba2? That’s more like the rebellious teenager of the bond world-exciting but likely to keep you up at night.
🚨NEW HAMPSHIRE TO ISSUE FIRST RATED BITCOIN-BACKED BOND
The New Hampshire Business Finance Authority plans to issue what appears to be the first Moody’s-rated Bitcoin-backed bond (Ba2).
The bond is backed by BTC held with BitGo and does not put state public funds at risk.
– Coin Bureau (@coinbureau) March 31, 2026
So, who’s buying this? Not your average muni bond fund, that’s for sure. Pension systems and insurance companies are probably side-eyeing this like it’s a questionable Tinder date. No, the natural buyers here are high-yield muni investors, hedge funds, and crypto-native fixed-income allocators-basically, the financial equivalent of people who still think NFTs are a good idea.
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BFA Bond Structure: Bitcoin, Limited Recourse, and a Dash of CleanSpark
The bonds come in two flavors-Series 2026A-1 and Series 2026A-2, both maturing in 2029. And here’s the kicker: if Bitcoin goes to the moon (financially speaking), Series 2026A-2 holders get extra payments. It’s like a bond with a side of FOMO. Classic.
The borrower? NH Cleanspark Borrower Trust 2026-1, linked to CleanSpark, a Bitcoin mining firm. BitGo Bank & Trust is the custodian, holding the BTC in segregated wallets and acting as the liquidation agent. Basically, they’re the bouncer at the crypto club, making sure everything stays in order.
And here’s the best part: the bonds are limited recourse obligations, meaning they’re only payable from the Bitcoin collateral. No public funds are at risk, so New Hampshire taxpayers can sleep easy. Unless, of course, they’re also crypto investors-then they’re probably up all night refreshing CoinMarketCap.
The collateral starts with a 1.60x coverage ratio, which is financial jargon for “we’re pretty sure this won’t go horribly wrong.” If it drops to 1.40x, the bonds get redeemed. Moody’s also factored in a 72.06% advance rate, because Bitcoin’s volatility is like a rollercoaster designed by a caffeine-addicted engineer.
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2026-04-01 18:57