New Hampshire has rejected a proposed $100 million Bitcoin-backed municipal bond, a setback for efforts to bring BTC collateral into public finance. The state's Executive Council voted 3-2 against the deal on July 8, stopping a structure that had already cleared earlier steps at the New Hampshire Business Finance Authority (BFA).
The proposal mattered because it had moved further than most crypto-linked public debt deals. Last November, the BFA said its board had approved an inaugural $100 million issuance, but the bond still needed sign-off from the governor and Executive Council. That approval never came. According to the Boston Globe, councilors voted the plan down after a motion to table it failed to get a second.
The bond was put together by Wave Digital Assets, Rosemawr Management, and the BFA. Orrick advised the authority, and BitGo Trust Company was set to custody the Bitcoin collateral. Backers said the structure would not put taxpayer funds or state guarantees at risk, a point also made by Governor Kelly Ayotte and BFA Executive Director James Key-Wallace.
Moody's had assigned a provisional Ba2 rating to up to $100 million in taxable revenue bonds for the Waverose Finance Project. Even with that rating, the vote showed that official approval remains a separate hurdle for Bitcoin-backed financing.
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Originally published by CryptoSlate on July 9, 2026.
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