Key Notes

BitGo will serve as the Bitcoin custodian for the bond, while the state assumes no repayment risk.

Wave Digital Assets structured the bond using traditional municipal bond rules, requiring borrowers to post ~160% BTC collateral.

State officials say the model could create a new digital-asset-backed debt market.

The US State of New Hampshire has launched a first-ever $100 million Bitcoin-backed municipal bond. Companies in the state are now able to borrow against over-collateralized BTC held by a private custodian.

The state’s top regulating agency, Business Finance Authority (BFA), gave a go-ahead for the same on November 17. This latest development comes despite the Bitcoin price correcting by 25% from its all-time high.

Although BFA is a state entity, the bond is not bac

See Full Page