Key conclusions:
- New Hampshire authorities are exploring the idea of issuing bitcoin-backed bonds worth USD 100 million.
- The project is part of the pro-cryptocurrency strategy of the state, which has already created a BTC reserve.
- However, experts warn against the high risk and limited usefulness of such an instrument.
New Hampshire is interested in bitcoin
The project is not new – the BFA approved it in November 2025, but its implementation still requires the consent of Governor Kelly Ayotte and the five-member executive council. Ayotte herself emphasizes that the solution can attract investors and strengthen the state’s position in the digital finance sector, without involving public funds or taxpayers’ money.
The idea fits into New Hampshire’s broader cryptocurrency strategy. In May 2025, the state was the first in the US to pass legislation enabling the creation of a strategic bitcoin reserve. The new law allows you to invest up to 5% of public funds in digital assets with a capitalization exceeding USD 500 billion.
However, the analysis emphasized that the bond security would come from the private company CleanSpark, which means there is no direct risk to the state budget and taxpayers. Despite this, the Moody’s agency gave the project a preliminary rating of Ba2, classifying it as a speculative investment with increased credit risk.
Stan is not a pioneer
While New Hampshire may be a pioneer in the U.S., similar ideas have appeared before around the world. The most famous example was the so-called Volcano Bonds in El Salvador, promoted by President Nayib Bukele. The plan was to issue bitcoin-linked bonds worth USD 1 billion, which were to finance the construction of a futuristic Bitcoin City. Ultimately, the initiative was not implemented, mainly due to the deterioration of the situation on the cryptocurrency market.
The discussion in New Hampshire will show whether this time the concept of BTC-based bonds has a chance to go beyond the experimental phase and become a real element of the financial market.
