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BTC New Hampshire Executive Council rejects bitcoin-backed municipal bond proposal
On July 8, 2025, the New Hampshire Executive Council voted 3 - 2 to reject a $100 million municipal bond issuance plan that would have been backed by bitcoin. The move ends a project promoted by Gov. Kelly Ayotte and financial officials that had been billed as the first of its kind in the United States.
The plan, which had been prepared for months by the New Hampshire Commercial Finance Authority, was put on hold. The agency\'s board of directors approved the first $100 million offering in November last year, but the deal always requires final approval from the governor and the Executive Board. According to local media reports, committee member Karen Liot-Hill proposed a motion to suspend the voting at Wednesday\'s meeting. Because she did not receive support, she eventually went directly to the voting session.
As the only Democrat on the committee, Riot Hill voted against it with Republicans Janet Stevens and David Wheeler, while Joseph Kenney and John Stephen voted in favor.
Bond Operating Mechanism
The transaction is arranged in a way that the state government does not have to bear any repayment risks. According to reports, the Commercial Finance Authority will issue taxable channel income bonds, and the proceeds will be transferred from private investors to private borrowers, with Bitcoin as collateral. New Hampshire has no debt liability for this.
The report pointed out that borrowers need to deliver bitcoins equivalent to 160% of the value of the bond issue to the regulated custodian BitGo Trust Company. If the value of the collateral falls to 140% of the bond\'s face value, the loan will be automatically liquidated and the bond will be redeemed early to protect investors. The bond has a three-year maturity and is scheduled to be repaid in 2029.
The transaction was designed by Wave Digital Assets and Rosemawr Management in conjunction with the Commercial Finance Authority and Legal Counsel Orrick Law Firm. Moody\'s Ratings Agency awarded a Ba2 speculative grade provisional rating on the taxable income bond of up to $100 million, which is linked to a Bitcoin mortgage borrower trust loan.
During a transaction, if the price of Bitcoin rises, the authority could earn millions of dollars in fee income. According to James Ke-Wallace, executive director of the Commercial Finance Authority, the funds will be used to support small businesses, childcare, housing and economic development projects in the state, and the deal may be a good start for \"multiple follow-up transactions.\"
Reason for Committee Opposition
Committee members who voted against did not deny it completely, but showed caution. \"I\'m not against Bitcoin or cryptocurrency itself,\" Riot Hill said in an interview. She worries that the state government may \"give some legitimacy\" to industry-related financial transactions that she believes are \"highly volatile and still in an emerging stage.\"
Ki-Wallace refuted the statement made at the meeting, emphasizing that Bitcoin was \"mature\" and \"long-standing.\" However, Liot Hill holds a different view, believing that true innovation must be accompanied by risks, because such assets have not existed for a short time and people cannot make a full judgment on them.
Gov. Ayotte, who signed legislation last year to allow state finance secretaries to invest in Bitcoin at their discretion, defended his choice to promote New Hampshire\'s lead in the adoption of new technologies. She pointed out that \"maintaining innovation\" would allow the state to \"continue to prosper\" but stressed that all this should be done without endangering public funds.
Outlook
This result suggests that even rated and well-planned cryptocurrency transactions may still be suspended at the decision-making level. According to Moody\'s assessment, credit issues related to Bitcoin valuation, pricing and clearing have been theoretically resolved. However, the central question at the committee\'s question is quite different: whether the public sector is willing to tie state government reputation to Bitcoin collateral-even if supporters claim it will not cost taxpayers.
However, this concept did not die out there. On July 9, Ki-Wallace said in an email that his team had received \"a lot of support\" at the committee meeting and agreed that postponing consideration was a \"reasonable response.\" He reiterated that he would carefully study the Committee\'s concerns and resubmit the proposal at an appropriate time.
